Word: koreans
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Dates: during 1990-1999
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...Morgan, America's fifth largest bank, got bad news this year when several South Korean firms suddenly repudiated their derivative contracts, leaving Morgan out some $500 million. America's biggest lender, Chase Manhattan, saw its "nonperforming" assets in Asia triple in the first three months of 1998, to $243 million, due in part to derivatives. At the end of last year, its total risk from Asian derivatives--should others default--was more than $3 billion. Bankers Trust's derivatives' delinquencies have leaped from zero to $330 million in a year, and the compass points to Indonesian and Thai clients...
...crack. While the U.S. banking industry pocketed record earnings last year, Morgan's fell 7%, to $1.46 billion. Derivatives are partly to blame. Morgan last year declared it had $659 million in nonperforming assets, 90% of which were defaults from Asian derivative counterparties. Among the defaulters were three South Korean companies, led by SK Securities, which early this year refused to pay $490 million that Morgan claims it is owed...
Ryou says the change is particularly noticeable in the interactions of the Korean first-years with each other. "They're all friends--I can see who would fall under the [former] KSA or KACC categories, but they're all friends," Ryou said. "I'm not saying the formation of KA is solely responsible for this. But I do know there would have been some splits among the freshman without...
...those involved in the formation of KA, the large turnouts at recent events seem to represent the end of a transitory period and offer reasons for optimism about the future. "As KA, we can better help Koreans and the Harvard community to learn more about the Korean culture," Nam says...
...Ryou says he believes that more than increasing the degree of cultural or political awareness on campus, the most important thing for KA to do, is what its predecessors could not fully achieve: a sense of community amongst the Korean student body. "What college comes down to is friendships," he says...