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Strategies & Market Trends : Asia Forum
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To: Thomas Haegin who wrote (1331)1/21/1998 1:08:00 PM
From: Worswick  Read Replies (2) of 9980
 
Thomas just off the phone to Tokyo. It seems the Sanwa and the Sumitomo banks of Osaka are struggling badly. They have taken, according to my friend, to seizing customers accounts who have small business loans which they (the bnaks)have some question about. In times of abreviated liquidity this is death sentence for a small business. My friend's father had a small business for the last forty years and he is worried about how his fatehr is going to get on.

Evidently, there is no recourse for the small business owner excpet to "Suck it Up".

According to my friend people are taking their money out of the banks and putting the money into postal savings accounts.

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