Word: depositers
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...banking business, Shinsei also launched a retail business featuring fee-free, 24-hr. services at its network of 56,000 atms--a concept considered revolutionary here. Shinsei offers savers returns higher than those of traditional banks, at which, Yashiro notes, the annual interest income on a 1 million yen deposit--about $7,700--earns the equivalent of two bus tickets. The lobby of Shinsei's steel-and-glass headquarters in central Tokyo looks more like an Internet cafe than a bank, with customers lounging at flat-screen computers while making transactions and checking stock quotes. Other bank branches share space...
...expecting to make a little money over time, her lawyer Hayden Burns tells TIME. Only a few weeks later, she got a call from Michael Kopper, a Fastow associate, who said the deal was winding down. When Mordaunt opened her bank statement in April, she saw a deposit for $1 million. The Powers report of Enron's special directors committee suggests Mordaunt was cut into the deal to secure her loyalty. Burns says his client did nothing in return for the windfall. She wasn't the only winner in Southampton Place: Fastow and Kopper each turned a $25,000 investment...
...There's a joke making the rounds in Tokyo these days. Mr. Suzuki goes to his local bank branch, rents a safety deposit box and locks away some cash. The next day he comes back and takes some money out. He does this again and again. Finally an exasperated bank manager asks, "Suzuki-san, why don't you open a bank account...
...main creditor banks to stay afloat.) This kind of propping up and bailing out is expensive: healthier parts of the economy and eager entrepreneurs get starved for loans. Until 1998, Tokyo couldn't even admit how bad its banks' balance sheets were: it had no money in its deposit insurance fund. (Filling that up cost $142 billion in 1998.) Within three years, it had sunk $600 billion in a recapitalization plan that was too little, too late...
...expecting to make a little money over time, her lawyer Hayden Burns tells Time. Only a few weeks later, she got a call from Michael Kopper, a Fastow associate, who said the deal was winding down. When Mordaunt opened her bank statement in April, she saw a deposit for $1 million. The Powers report of Enron's special directors committee suggests Mordaunt was cut into the deal to secure her loyalty. Burns says his client did nothing in return for the windfall. She wasn't the only winner in Southampton Place: Fastow and Kopper each turned a $25,000 investment...