Word: asianized
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Dates: during 1990-1999
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...holding the biggest bag of derivatives is Chase, with $7.6 trillion. Interestingly, Chase raised the red flag in its 1997 annual report, noting, "Management expects there will be an increase in nonperforming assets in 1998 primarily as a result of the deterioration of credit conditions in a number of Asian countries." Unlike other banks, Chase refused to talk publicly about its derivatives exposure with clients that are below investment grade, but it already has more than $1 billion in total nonperforming assets. A report issued by the OCC examiners puts its total credit risks from derivatives at $81.9 billion, four...
...have the banks been irradiated? One U.S. central banker says no. Financial derivatives during the Asian crisis "worked as expected," said Federal Reserve governor Susan Phillips in a March speech. But that comment may be more a prayer than a conviction. "It's far too early to be handing out Oscars to the banks for how they performed in Asia," says Paul Spraos, publisher of the Swaps Monitor, a derivative newsletter. "It's definitely premature to say the worst of the losses are behind us. These things take time to emerge...
With Indonesia aflame, a virtual depression in Japan and both Malaysia and Thailand still struggling, the Asian economic crisis is far from over. In the worst- case scenario, one or more large derivatives defaults from Asia and sets off a chain reaction of failures. In the meantime, Howard Greenspan still awaits information to see if his bank will suffer from the fallout. "In the final analysis, this has little to do with Asia," says Greenspan. "It's derivatives themselves. We are into the age of global financial risk...
...those who think business globe trotting will taper off as communications technology replaces the need for personal contact, Kaplan argues to the contrary: "When we see the way the Asian financial crisis affects the stock market here, people realize they have to go and get a feel for the markets they are in. The way we do business might change, but there is no replacement for physically experiencing a country." Most important, Kaplan adds, is building relationships. "If you're going to have a comfort factor with anybody in any country in the world, you need to build...
...only are fewer Asian execs hitting the road, but also when they do travel, the purse strings are much tighter. From Japan's Nissan Motor to South Korea's Shinsegi Telecom, employees are being told to walk through business class to economy on airplanes and to downgrade from five-star hotels to four- or even three-star establishments when they land. "People used to buy normal tickets so they could change schedules a million times, but nowadays people fix their business meetings according to the schedule of their air tickets," says Yuko Sugihara, a Tokyo travel agent who specializes...