G'day all - 1st, I ve not followed CSFB vs FSA at all. However, by rereading the article, I tend to agree Armstrong, whoever he is, may be making a lopsided interpretation.
Language aside [re: 'subversion',] it sounds like CSFB has not acted in both the letter and spirit of the law. One has to wonder what what would SEC do if equivalent offense were committed under its jurisdiction here in the US.
Besides, saying it would have a chilling effect on foreign investment seems to me a case of cart-before-the-horse. The prevailing criticism of the Japan Inc is close market and unaccountability. This time, it seems that it is a foreign house committing the act.
Having said the above, I wonder if one can leap into judgement that if CSFB is destroying its own documents and therefore Japan Inc in general still has serious problems. To qualify, personally, I don't think Japan Inc is totally out of the wood, but this incident does not constitute any direct or indirect evidence
Just my rambling 2c <G>
best, Bosco |
