Japan's Dot.Com Scandal

How Japan's internet king lost his crown Consider the Enron affair and the Dot.Com bubble burst occuring simultaneously and you have what happened in Japan this week.

When the Japanese internet company Livedoor and its owner Takafumi Horie were busted for fraud,The Japanese boy's stock at rock bottom ,it saw the Nikkei stock market crash and burn only to recover days later. Scandal fails to halt Tokyo's rising sums

Another fine example that capitalism is a criminal enterprise (the primitive accumulation of capital), it's about accumulation by any means neccasary.

Livedoor's Horie Gives Up Holiday for Meetings, His Blog Says

Jan. 22 (Bloomberg) -- Takafumi Horie, the 33-year-old founder of Livedoor Co., is kept busy running between his home and office dealing with allegations the company violated Japanese securities law, he wrote in a Web log posting dated today.

``I am meeting daily on measures,'' the 33-year-old Internet entrepreneur wrote, giving up days off and hurrying between his home and office in Tokyo's Roppongi Hills office-entertainment complex. It was his first blog posting since Jan. 19.

Livedoor was raided by prosecutors Jan. 16, triggering a plunge in Japanese stocks that led to the Tokyo Stock Exchange to halt trading for the second time in its history.

The Prosecutors Office has alleged that Livedoor's marketing unit in October 2004 announced it would buy publisher Money Life with stock, while the acquisition had already been made with cash.

Livedoor has said it didn't consider Money Life to be a subsidiary as of the date it announced it would buy it with shares. Livedoor also said its unit used stock because it didn't have enough cash for the purchase.

Horie's blog posting noted that the company's financial statement is approaching, and he is being pressed to prepare for the expected Feb. 9 posting as ``most of the documents have been confiscated.''

Horie himself is to be questioned in the investigation, Kyodo News reported today, citing investigative sources it didn't identify by name.

Funny he doesn't mention the suicide of one of his executives, due to embarrasment at Horie's dealings.

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Japan
Nikkei
internet
Livedoor
scandal
Takafumi Horie