Romney promises to be more aggressive on campaign trail

1 of 4. Republican presidential candidate and former Massachusetts Governor Mitt Romney takes the stage at a campaign rally in Denver, Colorado September 23, 2012.

Credit: Reuters/Brian Snyder

By Ros Krasny

DENVER | Mon Sep 24, 2012 6:25pm EDT

DENVER (Reuters) - Republican presidential candidate Mitt Romney vowed on Sunday that he would campaign more aggressively in battleground states in the final 43 days before the November election.

The comments, made to reporters aboard his campaign plane, suggested Romney was taking to heart criticism from his own party about the amount of time he has spent raising funds versus speaking to voters.

"I think the fundraising season is probably getting a bit quieter. I would rather spend the time in key states," Romney said in his first comments to reporters since Monday.

Romney is about to kick off a week of campaigning in battleground states, starting with Colorado and Ohio.

In 2008, Obama won Colorado by 9 points over Republican John McCain. Before that, the state voted Republican in every presidential election since 1964, with the exception of 1992.

He told reporters that Obama's campaign consistently mischaracterizes his positions on issues like taxes and abortion, and voters would get a better chance to learn about his positions during debates that begin on Oct 3.

Heavy advertising by Obama has coincided with a slow but noticeable decline in Romney's standing in opinion polls.

Although he is neck-and-neck with Obama in national tracking surveys, polls in specific battleground states like Ohio and Colorado, where advertising has been nonstop, show Obama with a slightly wider lead.

"I don't pay a lot of attention to the day-to-day polls. They change a great deal," Romney said. "And I know that in the coming six weeks, they're very unlikely to stay where they are today."

Sunday night's event in Denver kicks off a busier week for Romney, who spent much of Friday and Saturday raising money in Nevada and California.

Romney will visit Pueblo, Colorado, on Monday and head to Ohio Tuesday after a brief visit to New York to speak at the Clinton Global Initiative, where Obama will also speak.

His comments on the plane echoed a vow made in an interview broadcast Sunday on the CBS show "60 Minutes."

"I have to go across the country, particularly in the states that are closest and describe how it is I'm going to get the economy going, and how we're going to restore the economic freedom that built this economy in the first place," Romney said.

He defended his campaign as "very effective." Most of his top aides were in Los Angeles Saturday and Sunday for meetings thought to include debate preparation.

Still, many top Republicans are clamoring for a change in schedule and in tone for Romney.

"I want to see fire in the belly," Wisconsin Governor Scott Walker said of Romney on "Fox News Sunday." He also said he wants the former Massachusetts governor to be "lit up and ready to go."

"You've got to get off the heels and get out and charge forward," Walker said.

On Sunday night at Denver's D'Evelyn High School, a slightly hoarse Romney spoke to a sizeable but subdued crowd, keeping his focus on Obama.

"He's out of ideas, he's out of excuses and we're going to get him out of office," Romney said. "We're taking back America. We're going to win this one."

DEVIL IS IN THE DETAILS

Asked on "60 Minutes" whether a Romney administration would take aim at popular tax deductions such as mortgage and charitable deductions, which are used by millions of middle-income Americans, and how he would balance the budget while still cutting income taxes as suggested, the candidate demurred.

"The devil's in the details. The angel is in the policy, which is creating more jobs."

At the Denver rally, Romney ran through many of the talking points on the economy that he has used for several months, focusing on energy, trade, lower taxes for small business, job training and education.

(Reporting By Ros Krasny; Editing by Stacey Joyce)

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Romney promises to be more aggressive on campaign trail

1 of 4. Republican presidential candidate and former Massachusetts Governor Mitt Romney takes the stage at a campaign rally in Denver, Colorado September 23, 2012.

Credit: Reuters/Brian Snyder

By Ros Krasny

DENVER | Mon Sep 24, 2012 6:25pm EDT

DENVER (Reuters) - Republican presidential candidate Mitt Romney vowed on Sunday that he would campaign more aggressively in battleground states in the final 43 days before the November election.

The comments, made to reporters aboard his campaign plane, suggested Romney was taking to heart criticism from his own party about the amount of time he has spent raising funds versus speaking to voters.

"I think the fundraising season is probably getting a bit quieter. I would rather spend the time in key states," Romney said in his first comments to reporters since Monday.

Romney is about to kick off a week of campaigning in battleground states, starting with Colorado and Ohio.

In 2008, Obama won Colorado by 9 points over Republican John McCain. Before that, the state voted Republican in every presidential election since 1964, with the exception of 1992.

He told reporters that Obama's campaign consistently mischaracterizes his positions on issues like taxes and abortion, and voters would get a better chance to learn about his positions during debates that begin on Oct 3.

Heavy advertising by Obama has coincided with a slow but noticeable decline in Romney's standing in opinion polls.

Although he is neck-and-neck with Obama in national tracking surveys, polls in specific battleground states like Ohio and Colorado, where advertising has been nonstop, show Obama with a slightly wider lead.

"I don't pay a lot of attention to the day-to-day polls. They change a great deal," Romney said. "And I know that in the coming six weeks, they're very unlikely to stay where they are today."

Sunday night's event in Denver kicks off a busier week for Romney, who spent much of Friday and Saturday raising money in Nevada and California.

Romney will visit Pueblo, Colorado, on Monday and head to Ohio Tuesday after a brief visit to New York to speak at the Clinton Global Initiative, where Obama will also speak.

His comments on the plane echoed a vow made in an interview broadcast Sunday on the CBS show "60 Minutes."

"I have to go across the country, particularly in the states that are closest and describe how it is I'm going to get the economy going, and how we're going to restore the economic freedom that built this economy in the first place," Romney said.

He defended his campaign as "very effective." Most of his top aides were in Los Angeles Saturday and Sunday for meetings thought to include debate preparation.

Still, many top Republicans are clamoring for a change in schedule and in tone for Romney.

"I want to see fire in the belly," Wisconsin Governor Scott Walker said of Romney on "Fox News Sunday." He also said he wants the former Massachusetts governor to be "lit up and ready to go."

"You've got to get off the heels and get out and charge forward," Walker said.

On Sunday night at Denver's D'Evelyn High School, a slightly hoarse Romney spoke to a sizeable but subdued crowd, keeping his focus on Obama.

"He's out of ideas, he's out of excuses and we're going to get him out of office," Romney said. "We're taking back America. We're going to win this one."

DEVIL IS IN THE DETAILS

Asked on "60 Minutes" whether a Romney administration would take aim at popular tax deductions such as mortgage and charitable deductions, which are used by millions of middle-income Americans, and how he would balance the budget while still cutting income taxes as suggested, the candidate demurred.

"The devil's in the details. The angel is in the policy, which is creating more jobs."

At the Denver rally, Romney ran through many of the talking points on the economy that he has used for several months, focusing on energy, trade, lower taxes for small business, job training and education.

(Reporting By Ros Krasny; Editing by Stacey Joyce)

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Romney promises to be more aggressive on campaign trail

1 of 4. Republican presidential candidate and former Massachusetts Governor Mitt Romney takes the stage at a campaign rally in Denver, Colorado September 23, 2012.

Credit: Reuters/Brian Snyder

By Ros Krasny

DENVER | Mon Sep 24, 2012 6:25pm EDT

DENVER (Reuters) - Republican presidential candidate Mitt Romney vowed on Sunday that he would campaign more aggressively in battleground states in the final 43 days before the November election.

The comments, made to reporters aboard his campaign plane, suggested Romney was taking to heart criticism from his own party about the amount of time he has spent raising funds versus speaking to voters.

"I think the fundraising season is probably getting a bit quieter. I would rather spend the time in key states," Romney said in his first comments to reporters since Monday.

Romney is about to kick off a week of campaigning in battleground states, starting with Colorado and Ohio.

In 2008, Obama won Colorado by 9 points over Republican John McCain. Before that, the state voted Republican in every presidential election since 1964, with the exception of 1992.

He told reporters that Obama's campaign consistently mischaracterizes his positions on issues like taxes and abortion, and voters would get a better chance to learn about his positions during debates that begin on Oct 3.

Heavy advertising by Obama has coincided with a slow but noticeable decline in Romney's standing in opinion polls.

Although he is neck-and-neck with Obama in national tracking surveys, polls in specific battleground states like Ohio and Colorado, where advertising has been nonstop, show Obama with a slightly wider lead.

"I don't pay a lot of attention to the day-to-day polls. They change a great deal," Romney said. "And I know that in the coming six weeks, they're very unlikely to stay where they are today."

Sunday night's event in Denver kicks off a busier week for Romney, who spent much of Friday and Saturday raising money in Nevada and California.

Romney will visit Pueblo, Colorado, on Monday and head to Ohio Tuesday after a brief visit to New York to speak at the Clinton Global Initiative, where Obama will also speak.

His comments on the plane echoed a vow made in an interview broadcast Sunday on the CBS show "60 Minutes."

"I have to go across the country, particularly in the states that are closest and describe how it is I'm going to get the economy going, and how we're going to restore the economic freedom that built this economy in the first place," Romney said.

He defended his campaign as "very effective." Most of his top aides were in Los Angeles Saturday and Sunday for meetings thought to include debate preparation.

Still, many top Republicans are clamoring for a change in schedule and in tone for Romney.

"I want to see fire in the belly," Wisconsin Governor Scott Walker said of Romney on "Fox News Sunday." He also said he wants the former Massachusetts governor to be "lit up and ready to go."

"You've got to get off the heels and get out and charge forward," Walker said.

On Sunday night at Denver's D'Evelyn High School, a slightly hoarse Romney spoke to a sizeable but subdued crowd, keeping his focus on Obama.

"He's out of ideas, he's out of excuses and we're going to get him out of office," Romney said. "We're taking back America. We're going to win this one."

DEVIL IS IN THE DETAILS

Asked on "60 Minutes" whether a Romney administration would take aim at popular tax deductions such as mortgage and charitable deductions, which are used by millions of middle-income Americans, and how he would balance the budget while still cutting income taxes as suggested, the candidate demurred.

"The devil's in the details. The angel is in the policy, which is creating more jobs."

At the Denver rally, Romney ran through many of the talking points on the economy that he has used for several months, focusing on energy, trade, lower taxes for small business, job training and education.

(Reporting By Ros Krasny; Editing by Stacey Joyce)

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Romney promises to be more aggressive on campaign trail

1 of 4. Republican presidential candidate and former Massachusetts Governor Mitt Romney takes the stage at a campaign rally in Denver, Colorado September 23, 2012.

Credit: Reuters/Brian Snyder

By Ros Krasny

DENVER | Mon Sep 24, 2012 6:25pm EDT

DENVER (Reuters) - Republican presidential candidate Mitt Romney vowed on Sunday that he would campaign more aggressively in battleground states in the final 43 days before the November election.

The comments, made to reporters aboard his campaign plane, suggested Romney was taking to heart criticism from his own party about the amount of time he has spent raising funds versus speaking to voters.

"I think the fundraising season is probably getting a bit quieter. I would rather spend the time in key states," Romney said in his first comments to reporters since Monday.

Romney is about to kick off a week of campaigning in battleground states, starting with Colorado and Ohio.

In 2008, Obama won Colorado by 9 points over Republican John McCain. Before that, the state voted Republican in every presidential election since 1964, with the exception of 1992.

He told reporters that Obama's campaign consistently mischaracterizes his positions on issues like taxes and abortion, and voters would get a better chance to learn about his positions during debates that begin on Oct 3.

Heavy advertising by Obama has coincided with a slow but noticeable decline in Romney's standing in opinion polls.

Although he is neck-and-neck with Obama in national tracking surveys, polls in specific battleground states like Ohio and Colorado, where advertising has been nonstop, show Obama with a slightly wider lead.

"I don't pay a lot of attention to the day-to-day polls. They change a great deal," Romney said. "And I know that in the coming six weeks, they're very unlikely to stay where they are today."

Sunday night's event in Denver kicks off a busier week for Romney, who spent much of Friday and Saturday raising money in Nevada and California.

Romney will visit Pueblo, Colorado, on Monday and head to Ohio Tuesday after a brief visit to New York to speak at the Clinton Global Initiative, where Obama will also speak.

His comments on the plane echoed a vow made in an interview broadcast Sunday on the CBS show "60 Minutes."

"I have to go across the country, particularly in the states that are closest and describe how it is I'm going to get the economy going, and how we're going to restore the economic freedom that built this economy in the first place," Romney said.

He defended his campaign as "very effective." Most of his top aides were in Los Angeles Saturday and Sunday for meetings thought to include debate preparation.

Still, many top Republicans are clamoring for a change in schedule and in tone for Romney.

"I want to see fire in the belly," Wisconsin Governor Scott Walker said of Romney on "Fox News Sunday." He also said he wants the former Massachusetts governor to be "lit up and ready to go."

"You've got to get off the heels and get out and charge forward," Walker said.

On Sunday night at Denver's D'Evelyn High School, a slightly hoarse Romney spoke to a sizeable but subdued crowd, keeping his focus on Obama.

"He's out of ideas, he's out of excuses and we're going to get him out of office," Romney said. "We're taking back America. We're going to win this one."

DEVIL IS IN THE DETAILS

Asked on "60 Minutes" whether a Romney administration would take aim at popular tax deductions such as mortgage and charitable deductions, which are used by millions of middle-income Americans, and how he would balance the budget while still cutting income taxes as suggested, the candidate demurred.

"The devil's in the details. The angel is in the policy, which is creating more jobs."

At the Denver rally, Romney ran through many of the talking points on the economy that he has used for several months, focusing on energy, trade, lower taxes for small business, job training and education.

(Reporting By Ros Krasny; Editing by Stacey Joyce)

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Romney promises to be more aggressive on campaign trail

1 of 4. Republican presidential candidate and former Massachusetts Governor Mitt Romney takes the stage at a campaign rally in Denver, Colorado September 23, 2012.

Credit: Reuters/Brian Snyder

By Ros Krasny

DENVER | Mon Sep 24, 2012 6:25pm EDT

DENVER (Reuters) - Republican presidential candidate Mitt Romney vowed on Sunday that he would campaign more aggressively in battleground states in the final 43 days before the November election.

The comments, made to reporters aboard his campaign plane, suggested Romney was taking to heart criticism from his own party about the amount of time he has spent raising funds versus speaking to voters.

"I think the fundraising season is probably getting a bit quieter. I would rather spend the time in key states," Romney said in his first comments to reporters since Monday.

Romney is about to kick off a week of campaigning in battleground states, starting with Colorado and Ohio.

In 2008, Obama won Colorado by 9 points over Republican John McCain. Before that, the state voted Republican in every presidential election since 1964, with the exception of 1992.

He told reporters that Obama's campaign consistently mischaracterizes his positions on issues like taxes and abortion, and voters would get a better chance to learn about his positions during debates that begin on Oct 3.

Heavy advertising by Obama has coincided with a slow but noticeable decline in Romney's standing in opinion polls.

Although he is neck-and-neck with Obama in national tracking surveys, polls in specific battleground states like Ohio and Colorado, where advertising has been nonstop, show Obama with a slightly wider lead.

"I don't pay a lot of attention to the day-to-day polls. They change a great deal," Romney said. "And I know that in the coming six weeks, they're very unlikely to stay where they are today."

Sunday night's event in Denver kicks off a busier week for Romney, who spent much of Friday and Saturday raising money in Nevada and California.

Romney will visit Pueblo, Colorado, on Monday and head to Ohio Tuesday after a brief visit to New York to speak at the Clinton Global Initiative, where Obama will also speak.

His comments on the plane echoed a vow made in an interview broadcast Sunday on the CBS show "60 Minutes."

"I have to go across the country, particularly in the states that are closest and describe how it is I'm going to get the economy going, and how we're going to restore the economic freedom that built this economy in the first place," Romney said.

He defended his campaign as "very effective." Most of his top aides were in Los Angeles Saturday and Sunday for meetings thought to include debate preparation.

Still, many top Republicans are clamoring for a change in schedule and in tone for Romney.

"I want to see fire in the belly," Wisconsin Governor Scott Walker said of Romney on "Fox News Sunday." He also said he wants the former Massachusetts governor to be "lit up and ready to go."

"You've got to get off the heels and get out and charge forward," Walker said.

On Sunday night at Denver's D'Evelyn High School, a slightly hoarse Romney spoke to a sizeable but subdued crowd, keeping his focus on Obama.

"He's out of ideas, he's out of excuses and we're going to get him out of office," Romney said. "We're taking back America. We're going to win this one."

DEVIL IS IN THE DETAILS

Asked on "60 Minutes" whether a Romney administration would take aim at popular tax deductions such as mortgage and charitable deductions, which are used by millions of middle-income Americans, and how he would balance the budget while still cutting income taxes as suggested, the candidate demurred.

"The devil's in the details. The angel is in the policy, which is creating more jobs."

At the Denver rally, Romney ran through many of the talking points on the economy that he has used for several months, focusing on energy, trade, lower taxes for small business, job training and education.

(Reporting By Ros Krasny; Editing by Stacey Joyce)

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Romney promises to be more aggressive on campaign trail

1 of 4. Republican presidential candidate and former Massachusetts Governor Mitt Romney takes the stage at a campaign rally in Denver, Colorado September 23, 2012.

Credit: Reuters/Brian Snyder

By Ros Krasny

DENVER | Mon Sep 24, 2012 6:25pm EDT

DENVER (Reuters) - Republican presidential candidate Mitt Romney vowed on Sunday that he would campaign more aggressively in battleground states in the final 43 days before the November election.

The comments, made to reporters aboard his campaign plane, suggested Romney was taking to heart criticism from his own party about the amount of time he has spent raising funds versus speaking to voters.

"I think the fundraising season is probably getting a bit quieter. I would rather spend the time in key states," Romney said in his first comments to reporters since Monday.

Romney is about to kick off a week of campaigning in battleground states, starting with Colorado and Ohio.

In 2008, Obama won Colorado by 9 points over Republican John McCain. Before that, the state voted Republican in every presidential election since 1964, with the exception of 1992.

He told reporters that Obama's campaign consistently mischaracterizes his positions on issues like taxes and abortion, and voters would get a better chance to learn about his positions during debates that begin on Oct 3.

Heavy advertising by Obama has coincided with a slow but noticeable decline in Romney's standing in opinion polls.

Although he is neck-and-neck with Obama in national tracking surveys, polls in specific battleground states like Ohio and Colorado, where advertising has been nonstop, show Obama with a slightly wider lead.

"I don't pay a lot of attention to the day-to-day polls. They change a great deal," Romney said. "And I know that in the coming six weeks, they're very unlikely to stay where they are today."

Sunday night's event in Denver kicks off a busier week for Romney, who spent much of Friday and Saturday raising money in Nevada and California.

Romney will visit Pueblo, Colorado, on Monday and head to Ohio Tuesday after a brief visit to New York to speak at the Clinton Global Initiative, where Obama will also speak.

His comments on the plane echoed a vow made in an interview broadcast Sunday on the CBS show "60 Minutes."

"I have to go across the country, particularly in the states that are closest and describe how it is I'm going to get the economy going, and how we're going to restore the economic freedom that built this economy in the first place," Romney said.

He defended his campaign as "very effective." Most of his top aides were in Los Angeles Saturday and Sunday for meetings thought to include debate preparation.

Still, many top Republicans are clamoring for a change in schedule and in tone for Romney.

"I want to see fire in the belly," Wisconsin Governor Scott Walker said of Romney on "Fox News Sunday." He also said he wants the former Massachusetts governor to be "lit up and ready to go."

"You've got to get off the heels and get out and charge forward," Walker said.

On Sunday night at Denver's D'Evelyn High School, a slightly hoarse Romney spoke to a sizeable but subdued crowd, keeping his focus on Obama.

"He's out of ideas, he's out of excuses and we're going to get him out of office," Romney said. "We're taking back America. We're going to win this one."

DEVIL IS IN THE DETAILS

Asked on "60 Minutes" whether a Romney administration would take aim at popular tax deductions such as mortgage and charitable deductions, which are used by millions of middle-income Americans, and how he would balance the budget while still cutting income taxes as suggested, the candidate demurred.

"The devil's in the details. The angel is in the policy, which is creating more jobs."

At the Denver rally, Romney ran through many of the talking points on the economy that he has used for several months, focusing on energy, trade, lower taxes for small business, job training and education.

(Reporting By Ros Krasny; Editing by Stacey Joyce)

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Romney promises to be more aggressive on campaign trail

1 of 4. Republican presidential candidate and former Massachusetts Governor Mitt Romney takes the stage at a campaign rally in Denver, Colorado September 23, 2012.

Credit: Reuters/Brian Snyder

By Ros Krasny

DENVER | Mon Sep 24, 2012 6:25pm EDT

DENVER (Reuters) - Republican presidential candidate Mitt Romney vowed on Sunday that he would campaign more aggressively in battleground states in the final 43 days before the November election.

The comments, made to reporters aboard his campaign plane, suggested Romney was taking to heart criticism from his own party about the amount of time he has spent raising funds versus speaking to voters.

"I think the fundraising season is probably getting a bit quieter. I would rather spend the time in key states," Romney said in his first comments to reporters since Monday.

Romney is about to kick off a week of campaigning in battleground states, starting with Colorado and Ohio.

In 2008, Obama won Colorado by 9 points over Republican John McCain. Before that, the state voted Republican in every presidential election since 1964, with the exception of 1992.

He told reporters that Obama's campaign consistently mischaracterizes his positions on issues like taxes and abortion, and voters would get a better chance to learn about his positions during debates that begin on Oct 3.

Heavy advertising by Obama has coincided with a slow but noticeable decline in Romney's standing in opinion polls.

Although he is neck-and-neck with Obama in national tracking surveys, polls in specific battleground states like Ohio and Colorado, where advertising has been nonstop, show Obama with a slightly wider lead.

"I don't pay a lot of attention to the day-to-day polls. They change a great deal," Romney said. "And I know that in the coming six weeks, they're very unlikely to stay where they are today."

Sunday night's event in Denver kicks off a busier week for Romney, who spent much of Friday and Saturday raising money in Nevada and California.

Romney will visit Pueblo, Colorado, on Monday and head to Ohio Tuesday after a brief visit to New York to speak at the Clinton Global Initiative, where Obama will also speak.

His comments on the plane echoed a vow made in an interview broadcast Sunday on the CBS show "60 Minutes."

"I have to go across the country, particularly in the states that are closest and describe how it is I'm going to get the economy going, and how we're going to restore the economic freedom that built this economy in the first place," Romney said.

He defended his campaign as "very effective." Most of his top aides were in Los Angeles Saturday and Sunday for meetings thought to include debate preparation.

Still, many top Republicans are clamoring for a change in schedule and in tone for Romney.

"I want to see fire in the belly," Wisconsin Governor Scott Walker said of Romney on "Fox News Sunday." He also said he wants the former Massachusetts governor to be "lit up and ready to go."

"You've got to get off the heels and get out and charge forward," Walker said.

On Sunday night at Denver's D'Evelyn High School, a slightly hoarse Romney spoke to a sizeable but subdued crowd, keeping his focus on Obama.

"He's out of ideas, he's out of excuses and we're going to get him out of office," Romney said. "We're taking back America. We're going to win this one."

DEVIL IS IN THE DETAILS

Asked on "60 Minutes" whether a Romney administration would take aim at popular tax deductions such as mortgage and charitable deductions, which are used by millions of middle-income Americans, and how he would balance the budget while still cutting income taxes as suggested, the candidate demurred.

"The devil's in the details. The angel is in the policy, which is creating more jobs."

At the Denver rally, Romney ran through many of the talking points on the economy that he has used for several months, focusing on energy, trade, lower taxes for small business, job training and education.

(Reporting By Ros Krasny; Editing by Stacey Joyce)

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

America's super rich account for 24.3% of all federal campaign spending

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REFILE-UPDATE 2-Olympus ex-CEO steps up campaign for old job as deadline looms

* Olympus to file Q2 results, past earnings statements

* Failure to file Q2 would mean automatic delisting

* Auditors to sign off on documents, some qualifications-Nikkei

* Ex-CEO Woodford in Tokyo to court shareholders, employees

By Tim Kelly and Linda Sieg

TOKYO, Dec 14 (Reuters) - The former British CEO of Japan's scandal-ridden Olympus Corp called on its disgraced board on Wednesday to make way for his return to the top job, as the firm faced a make-or-break deadline to iron out its crooked accounts.

The maker of cameras and medical equipment, engulfed by a $1.7 billion accounting fraud, one of Japan's worst corporate scandals, must meet a Wednesday deadline to file its second quarter earnings or be delisted from the Tokyo Stock Exchange.

It also plans to submit revised accounts for past years.

Delisting would cut Olympus off from equity capital markets, putting it under pressure to sell core assets and marking a humiliating low for the 92-year-old firm, which two months ago triggered the crisis by sacking its CEO, Michael Woodford.

Woodford immediately blew the whistle on the firm's accounting problems after he was fired and is now waging a campaign to be reinstated, appealing to shareholders to support his comeback as part of a complete renewal of the board.

The board has committed to resigning over the scandal, but wants to choose its own successors before quitting, setting up the prospect of a proxy war between its own candidates and those being assembled by Woodford as part of his campaign.

"The shareholding balance is such that there is a realistic chance we could win a proxy fight," Woodford said. But he added that such a battle would cause a split between foreign and Japanese shareholders and that he hoped it could be avoided.

Some big foreign shareholders back Woodford's bid but Japanese institutional investors, although reticent, appear worried about whether he can win over the company's employees as well as his plans to turn around the once-proud firm.

Woodford said he was willing to meet Olympus President Shuichi Takayama at any time but added incumbent directors were too discredited to be in a position to choose their successors.

Woodford, who was a rare foreign CEO in Japan, also sought to soothe concerns about his plans to restore trust in Olympus.

"I want no part in selling Olympus or breaking it up," he said, adding he would not close down the firm's struggling camera business.

"People say the 'gaijin' president would shut it," Woodford said, using the Japanese word for foreigner. "I wouldn't."

Analysts have said Olympus' big and profitable medical business could be bought by a rival or private equity if it became clear the firm could no longer effectively run it.

BALANCE SHEET BLUES

Investors poring over Olympus' financial statements later on Wednesday will be looking for the scale of changes to its balance sheet and whether it will need to raise fresh equity, as well as whether auditing firms KPMG AZSA LLC and Ernst & Young ShinNihon LLC will sign off on the financial documents.

The Nikkei daily said Olympus' ex-auditor, KPMG AZSA, would give qualified approval to restated accounts for the three years to March 2009, with the qualification based on factors such as the auditor's inability to completely confirm money flows.

Ernst & Young ShinNihon would approve without qualifications all statements for periods from March 2010, the newspaper added.

Olympus shares at one point lost more than 80 percent of their value after the scandal broke in October.

Since then, an outside panel commissioned by Olympus to probe the scandal has found that the deals were part of a fraud carried out by a few executives to hide losses stemming from risky securities investments in the late 1980s. Some of these losses were disguised in the accounts as acquisition payments.

The panel found no evidence of rumoured involvement by organised crime syndicates in the scheme, although Olympus remains under investigation by police, prosecutors and regulators, who are expected to step up their joint probe after the revised financial statements are announced.

Olympus shares have rallied from their lows in recent weeks on expectations that while some former executives face harsh punishment, the firm itself will avoid a delisting.

Now at about half its pre-scandal value, the stock last traded down 2 percent at 1,343 yen.

View the original article here

Olympus ex-CEO steps up campaign for old job as deadline looms

Olympus Corp's former CEO Michael Woodford (2nd L) speaks to a reporter upon his arrival at Haneda airport in Tokyo December 13, 2011.

Credit: Reuters/Toru Hanai

By Tim Kelly and Linda Sieg

TOKYO | Tue Dec 13, 2011 10:21pm EST

TOKYO (Reuters) - The former British CEO of Japan's scandal-ridden Olympus Corp called on its disgraced board on Wednesday to make way for his return to the top job, as the firm faced a make-or-break deadline to iron out its crooked accounts.

The maker of cameras and medical equipment, engulfed by a $1.7 billion accounting fraud, one of Japan's worst corporate scandals, must meet a Wednesday deadline to file its second quarter earnings or be delisted from the Tokyo Stock Exchange.

It also plans to submit revised accounts for past years.

Delisting would cut Olympus off from equity capital markets, putting it under pressure to sell core assets and marking a humiliating low for the 92-year-old firm, which two months ago triggered the crisis by sacking its CEO, Michael Woodford.

Woodford immediately blew the whistle on the firm's accounting problems after he was fired and is now waging a campaign to be reinstated, appealing to shareholders to support his comeback as part of a complete renewal of the board.

The board has committed to resigning over the scandal, but wants to choose its own successors before quitting, setting up the prospect of a proxy war between its own candidates and those being assembled by Woodford as part of his campaign.

"The shareholding balance is such that there is a realistic chance we could win a proxy fight," Woodford said. But he added that such a battle would cause a split between foreign and Japanese shareholders and that he hoped it could be avoided.

Some big foreign shareholders back Woodford's bid but Japanese institutional investors, although reticent, appear worried about whether he can win over the company's employees as well as his plans to turn around the once-proud firm.

Woodford said he was willing to meet Olympus President Shuichi Takayama at any time but added incumbent directors were too discredited to be in a position to choose their successors.

Woodford, who was a rare foreign CEO in Japan, also sought to soothe concerns about his plans to restore trust in Olympus.

"I want no part in selling Olympus or breaking it up," he said, adding he would not close down the firm's struggling camera business.

"People say the 'gaijin' president would shut it," Woodford said, using the Japanese word for foreigner. "I wouldn't."

Analysts have said Olympus' big and profitable medical business could be bought by a rival or private equity if it became clear the firm could no longer effectively run it.

BALANCE SHEET BLUES

Investors poring over Olympus' financial statements later on Wednesday will be looking for the scale of changes to its balance sheet and whether it will need to raise fresh equity, as well as whether auditing firms KPMG AZSA LLC and Ernst & Young ShinNihon LLC will sign off on the financial documents.

The Nikkei daily said Olympus' ex-auditor, KPMG AZSA, would give qualified approval to restated accounts for the three years to March 2009, with the qualification based on factors such as the auditor's inability to completely confirm money flows.

Ernst & Young ShinNihon would approve without qualifications all statements for periods from March 2010, the newspaper added.

Olympus shares at one point lost more than 80 percent of their value after the scandal broke in October.

Since then, an outside panel commissioned by Olympus to probe the scandal has found that the deals were part of a fraud carried out by a few executives to hide losses stemming from risky securities investments in the late 1980s. Some of these losses were disguised in the accounts as acquisition payments.

The panel found no evidence of rumored involvement by organized crime syndicates in the scheme, although Olympus remains under investigation by police, prosecutors and regulators, who are expected to step up their joint probe after the revised financial statements are announced.

Olympus shares have rallied from their lows in recent weeks on expectations that while some former executives face harsh punishment, the firm itself will avoid a delisting.

Now at about half its pre-scandal value, the stock last traded down 2 percent at 1,343 yen.

(Additional reporting by Chikafumi Hodo and James Topham; Editing by Mark Bendeich)

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