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Technology Stocks : Nokia (NOK)

NOK 6.225

+1.1%

3:18 PM EST

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To: tero kuittinen who wrote (456)	12/12/1997 3:51:00 PM
From: DMaA	of 34857

>>Off topic - Korea<< A small snap shot of how rotten the Korean economy really is from today's WSJ" Bambang Trihatmodjo gets my vote for symbolic poster child of the financial crisis in Southeast Asia. One of Indonesian President Suharto's entrepreneurial children, Mr. Bambang opened up a bank, happily accepted deposits from thousands of Indonesian citizens, and promptly loaned a big chunk of those deposits to his own company--one that happened to be highly unprofitable despite generous government protection. Strictly speaking, such banking practices are against Indonesian law. But then, no one wanted to be too strict with one of the president's children. When his institution appeared on the list of 16 troubled banks ordered closed as part of an IMF rescue package of over $40 billion dollars, Mr. Bambang filed a lawsuit against the minister of finance and the governor of the central bank. The essence of his claim? That he was being treated unfairly, since "90% of the other banks in the country did the same thing." Observers weren't sure whether they should gasp because of what he said or because he had the audacity to say it.

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