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TOKYO (Reuters) – A series of high-profile scandals at large Japanese companies show that reforms and rhetoric aimed at improving the country’s corporate governance do not go far enough to dispel the culture of secrecy and hierarchy that plagues Japan Inc. Toshiba Corp President and CEO Masashi Muromachi attends a press conference at the company’s …

In 2005 billionaire hedge fund manager Eddie Lampert acquired a much of Sears Holdings, the parent company of Sears and Kmart, among other brands. In 2008, Lampert reorganized the company into 30 stand-alone business units that would operate as independent companies, with their own IT contracts, marketing agents and, most importantly, annual financial statements. The …