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To: elmatador who wrote (25298)	11/11/2002 10:03:17 AM
From: carranza2	Read Replies (1) \| Respond to of 74559

The underreporting of Japanese banks' exposure to bad loans has been known for a long time. In fact, the reports I read months ago suggested that the amounts substantially exceed the $109 bn noted in the article you cited. The Japanese are incredible. Truly head-in-sand. The US had a more or less analogous situtation when the sky fell on the suddenly-unregulated, ripe-for-crooks S&Ls. We put a few folks in jail and took the bitter medicine. It is now behind us. I suppose Japanese culture prohibits this kind of pragmatic action. Too bad.