Word: kumagai
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Dates: during 1990-1999
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Saving--or sacrificing--Japan's banks has become a litmus test. Obuchi's rescue plan envisions a "bridge bank" that would consolidate ailing institutions and protect healthy depositors without causing any outright failures. That means "the government will not cure the most crucial wounds," complains Hiroshi Kumagai, a leading member of the opposition. Kumagai wants to close bleeders like the Long Term Credit Bank, which holds more than $350 billion in international derivatives contracts. Institutions worldwide are party to those contracts, so the bitter medicine of a closing would not be Japan's alone to swallow. Whatever Obuchi does, most...