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Ghosn arrested for securities fraud


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I got my new issue of Road & Track in the mail yesterday. The reason I mention it is that there is an editorial inside the back cover from Bob Lutz every month. For those who might not recognize the name, he has been involved in the upper management of several different automotive manufactures and often answers questions from readers about different aspects of the automotive business. This month he has a very insightful explanation of a CEO's and their almost universal expectation of their entitlements. I think this is a good description of Mr. Ghosn.

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5 hours ago, espo said:

I got my new issue of Road & Track in the mail yesterday. The reason I mention it is that there is an editorial inside the back cover from Bob Lutz every month. For those who might not recognize the name, he has been involved in the upper management of several different automotive manufactures and often answers questions from readers about different aspects of the automotive business. This month he has a very insightful explanation of a CEO's and their almost universal expectation of their entitlements. I think this is a good description of Mr. Ghosn.

Good 'Ol Bob always has something to say, and often I find his insights in his Road and Track column parallel mine.... to varied degrees. 

In this case, I thought his description was pretty accurate of some CEO's, not certainly not all of them.   

In the case of Mr. Ghosn, I don't believe we've come close to learning all the pieces of the situation, both from his and Nissan's perspective.  

TIM 

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Ghosn admitted that he got Nissan BoD to pass the motion to cover the FX contracts for non-Japanese directors "for the good of the company".  He also admitted that Nissan Middle East paid his acquaintance around 1.6 billion yen for "legitimate services that was beneficial for the company", which mostly amounted to greasing up the dealings with government officials and business partners behind the scene.  He also admitted that the Lehman Shock was something "no one could ever possibly foresee in their lifetime".

For common folks like the many retirees here who got duped into buying the "very secure" Lehman Brothers mini bonds, the only choice would be to suck it up and see their retirement funds go down the drain.  Yet if you are a high-flying executive, you can just ask the company to pay for your mistake, all for the sake of the company.

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