Versailles Party Video Makes Ghosn Look Like a 17th Century Monarch
Auditors attempting to assess how down and dirty Carlos Ghosn’s spending habits were have reportedly become very interested in a YouTube video of a party held at the Palace of Versailles in 2014. While the clip doesn’t showcase any cash-fueled orgies or golden idol worship, it does present a extravagant party that was supposedly paid for by Renault-Nissan B.V. (RNBV). As you might recall, Ghosn’s repeated arrests in Japan were due to the alleged “mismanagement” of alliance funds.
Ghosn’s camp maintains that the event was held for business purposes — a celebration of the 15th anniversary of the alliance, which just happened to overlap with the ousted exec’s 60th birthday. Guests reportedly included a few Renault or Nissan executives scattered among roughly 160 celebrity attendees. You can watch the video yourself and decide whether or not it’s an egregious mishandling of corporate assets.
My first consulting gig in the IB world was working on the integration of Bankers Trust/Alex Brown into Deutsche Bank. We had a 'NYC staff meeting' in the Empire Ballroom at the Grand Hyatt for a couple thousand guests, followed by luxuriously catered dinners in a battery of surrounding meeting spaces. The purpose of the meeting? To sound the alarm about the hundred million dollars in unaccounted for integration costs. I've been to a few high net worth weddings, none of which had anything on a Deutsche Bank party held to discuss squandering money. I kept my Deutsche Bank email active as long as I could after I'd moved on to Morgan Stanley just for the invites. Without them, I probably never would have eaten at the Boat House in Central Park or drank my weight in Bombay Sapphire.
As said previously, multi million dollar companies have budgets for this type of thing...and budgets must be spent. Nothing new here, totally a witch hunt.
Party like it's 1699.
The issue is that the Japanese are some of the last people on the planet that expect the CEO to be a good steward of Company resources. This flies in the face of expectations for them. US: Avg CEO makes 350 times that of avg employee Japan: 67 times France: 104 times https://www.statista.com/statistics/424159/pay-gap-between-ceos-and-average-workers-in-world-by-country/