MBK---------Bank of Tokyo Mitsubishi Ltd Message Board

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Non-Tech : MBK---------Bank of Tokyo Mitsubishi Ltd

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To: Lucretius who wrote ()	11/2/1998 1:15:00 PM
From: Paul Berliner	Read Replies (1) of 170

why not buy ILBKY instead (industrial bank of japan)? They're the 11th largest bank in the world and we now know that they'll survive because they applied for the public fund infusion. Regarding Steve Horwitz's post, MBK may seem to be reporting in U.S. GAAP in their annual report but there are still securities in the balance sheet that are not marked-to-market - check the auditors comments. The problem is with some particularly large investments, but not all. MBK uses the lower of 'moving average cost' or market price for LISTED securities, except Japanese Govt. bonds. What about the large real estate investments that were made at the cycles peek and are now maybe 1/4 the value? what about collateral seized on loans held? That stuff isn't included under 'marketable secs' but under long term investments. We'll all get a better picture of MBKs and all Japanese companies true values in about 14 months when they conform to U.S. GAAP. A common practice for JPN non-banks is to account for when an investment is trading below book value as book and footnote it.

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