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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Taikun who wrote (49888)5/12/2004 7:25:33 PM
From: Seeker of Truth  Read Replies (1) of 74559
 
A while back one of the directors of Sumitomo Bank, which has now merged with Mitsui Bank was returning to his apartment in Nagoya after a busy day. This bank was a behemoth even before the merger. A gunman from the yakuza was waiting for him and put a bullet into his brain. The murderer has never been found and the police usually refuse to investigate such things. The yakuza is treated politely by the police. It seems clear that Sumitomo Bank had the temerity of asking for payment of a loan so the gangsters thought they had better clarify matters first. Please note that the bad loans are enormous. They were sanctified by the gangsters' friends in the government. There is a triumvirate of shadowy people in the ruling party, gangsters and government officials. The banks must obey this triumvirate. The ruling party collects money not only from each company but also from each department of the government. As formerly in Mexico, the ruling party(Ji Min Too, I forget the English translation) rules forever.
Are you seriously contemplating putting an important part of your money into a country ruled in that manner?
"Bersohn must be exaggerating. Surely Toyota's wonderful cars and Canon's great cameras, calculators etc. are real. There are crooks everywhere. Yes, I'll ignore his cranky hints."
My statements sound extraordinary but you must admit that a 13 year recession is also extraordinary. The truth is that the average Japanese person has tremendous work ethic and great manual dexterity. Toyota,Canon,Sony etc. reflect those good factors. One neglects the other side of Japan at one's peril.
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