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To: Mohan Marette who wrote (69387)	10/5/1998 9:47:00 PM
From: nihil	Respond to of 176387

RE: Japan's problem Correct, the problem is that the Japanese people own the money and the Japanese government cannot figure out how to steal a couple of trillion from the people without their noticing. Some one has to come up with the money to pay off the default debts (deposits, etc.) that the banks owe the people, or would if they liquidated their bad loans. I am for my sins a owner of a fund that has invested in the number one turkey bank in Japan; these clowns have just forgiven two of their affiliates $3.6 billion for no consideration. Japanese relationship banking at work with our money. The idea is to forgive the debts of second tier financials which the government would never bail, and to concentrate the bad debts in the top twenty which are "too big to fail." Contrast this with the way things are done in the U.S., like LTCM, where the big bugs get the juice squeezed to save the unregulated private financials.