Monday, June 05, 2006

Stupid is as stupid does

Well, that did not take very long.

Murakami Yoshiaki has signed an affadavit admitting he bought shares of Nippon Hoso knowing Livedoor would be making a sureptitious attempt to take over the company.

That's all she wrote folks.

How much of a genius must one be to not comprehend that buying or selling on private information constitute insider trading? (Perhaps he had hoped to get off the hook using the the Muraoka Kanezo ""I was there...but I cannot remember any details about the crime and neither can anyone else" defense?)

Some unanswered question remain:

1) Since Murakami spirited his wealth out of the country and has taken personal responsibility for the crime, are the prosecutors still going to go after Murakami's colleagues?

2) Will the Tokyo District Prosecutor's office conduct an internal investigation to determine how Murakami may have been tipped off to the investigation?

3) How many years will Murakami get in jail?

4) Will the list of charges against Horie Takafumi now be lengthened?

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