< HOME  Thursday, January 19, 2006

Securities Trading: Lives for Money

THE suicide of a securities broker yesterday added a note of tragedy to the growing odour surrounding one of the young guns of Japan's corporate world.

The broker, found dead in a hotel room, was reported to be a friend of the protagonist and to have been closely involved in a deal that is now under official investigation.
Who's the 'protagonist'?
The deal at the heart of the crisis concerns one of Japan's high-profile internet companies, Livedoor, run by a self-made multimillionaire, Takafumi Horie, whose home and office were raided by police on Monday.

Investigators have made allegations of fraud over the purchase of a publishing company from an investment fund that had links to Livedoor.

Livedoor has denied wrongdoing.

The now sour deal was responsible for a rush of selling that triggered a collapse in the value of other tech stocks.

You would think there would be a moment of silence for the tragic loss of life. After all, what exactly are they trading?

But, no.

[T]he Tokyo Stock Exchange, [rebounded] strongly after losing 1100 points in the previous three days. The Nikkei Stock Average rose 2.31 per cent to close at 15,696.28.

Though yesterday's recovery may have soothed some, the exchange's problems appear to be far from over as it faces criticism from business and government over its failure to cope with the volume of sellers in the market on Wednesday.
Nothing must stand in the way of trading. Lives for money.

You tell me, a fair trade? Does the answer depend on whose life you're trading?


At Thursday, January 19, 2006, Blogger Jeff G said...

Come now, lets not confuse the issue with passe notions of ethics or integrity. There's money to be made.

Sorry, I'm in a sarcastic mood today.


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