Toshiba's CEO and two other top executives resigned after presiding over a $1.2 billion accounting scandal. Well and good, but when do we see some criminal indictments?
Could Hisao Tanaka really have been unaware that his underlings were fudging the books? Even an internal panel concluded it was management pressure that drove the iconic Japan Inc. manufacturer to overstate profits for at least six years. For Tanaka to suggest he didn't know is to imply he's the dimmest CEO ever.
Few are holding their breath waiting for arrests, though, and that should worry a Japan that claims to be in the midst of revolution in corporate governance. Over the past two years, Shinzo Abe's government has unveiled a raft of initiatives to internationalize business practices — including new codes of conduct, increased transparency, outside board members and a new index for 400 solidly run companies.