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1/24/2006

horie's pursuit of profit goal

"The sense of ethics is crumbling to a crisis level," Eda said. "The government must take these cases seriously.".... PURSUIT OF PROFITS Prosecutors say Horie and three other executives who were also arrested had sought to boost share prices by spreading false information, issuing new shares to "acquire" firms already under its control and then selling them for a profit to pad its books.... Horie said in his Web diary on Sunday he had no recollection of doing anything illegal... The Livedoor case has prompted calls to beef up Japan's securities watchdog, as well as laments about the unabashed pursuit of wealth for which Horie was well known.... "The Livedoor shock has poured cold water not only on stock prices, but on Mr. Horie's often-emphasized view that money is everything," said an editorial in the Mainichi newspaper. "We should not pursue fleeting profit. We should take Mr Horie's arrest as an opportunity to think about this."... Horie has many fans, especially among a younger generation who admired his innovative tactics and flashy lifestyle, and some saw his arrest as a reprisal from the "Old Japan" establishment which he had snubbed. A dropout from the prestigious University of Tokyo, Horie set up Livedoor's predecessor, Livin' On the Edge, a decade ago with just $50,000 in capital. By adopting an aggressive acquisition strategy and promoting himself as a brand symbol, he turned that into market capital of more than $6 billion just before last week's raid. the above are extracts from reuters business news about the japanese wonder kid who rose to fame and fortune and now is under police custody. many of the facts and things said are very familiar. i believe he will have many admirers here.

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