The FT has just reported:
In a wide-ranging interview with the FT, Yoshihiko Noda, Japan’s prime minister, has called for clarification about a string of controversial payments made by cameramaker Olympus, saying the furore threatens to tarnish Japan’s reputation as a rules-based market economy.
There are moments when I just quietly despair at the stupidity, gullibility or just downright dishonesty (in the sense of failing to state the truth) of people.
Rule-based economies never, ever work in the end. Only ethics make a market work.
Of course we need them - but the problem with Olympus is not a lack of rules - but the failure to follow them - and that's a choice based on a lack of willing.
None of which undermines the need for massively enhanced transparency - especially country-by-country reporting - which may have revealed what was going on here.