Word: loan
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...risk. The financial institution assumes all credit risks associated with the repayment of these customer obligations. The only exposure for EDS is in the unlikely event of nonperformance by our company, which would permit the customer to terminate the contract. We have never had to repay a loan because of contract termination for nonperformance. SCOTT KRENZ, VICE PRESIDENT AND TREASURER, EDS Plano, Texas...
Immediately, the bank kicked up controversy. It refused to bail out Sogo, a hopelessly debt-ridden but beloved chain of department stores, forcing it into bankruptcy. And the bank initiated bankruptcy proceedings against First Credit Corp., Japan's biggest mortgage-loan specialist. Aside from overhauling its investment-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...
...domestic economic policy front, he faces a bureaucracy as stubborn as that which opposed Tanaka. The aggressive head of the inspection division of the Financial Services Agency, Hirofumi Gomi, has been tenaciously reviewing the loan portfolios of Japan's leading banks and the balance sheets of debtor companies. The verdict: more bad debt than was previously estimated. But plans to take the results of Gomi's audits and crack down on corporate slackers is being stymied by higher-ups within his own agency. "Koizumi needs to make a decision and fire some people," says an analyst who has advised...
...Japan's fatal misstep was to avoid the short-term pain of closing down dud companies and faltering banks after the bubble burst, the so-called "creative destruction" the U.S. allowed in the 1990-91 recession and after the savings and loan collapse of 1988. Tokyo said it wanted to avoid layoffs, that companies would recover when the economy perked up. The real story is that Tokyo's instinctive reaction has been to dole out government contracts to construction companies and make banks provide cheap capital to keep retail empires going. (In January, the government backed a bailout of struggling...
...time. The earliest, oil on canvas, comes from London's National Gallery and was painted in August 1888 as part of Van Gogh's preparations for Gauguin's arrival at the Yellow House in Arles, where the Dutch painter hoped to create an artists' commune. The second Sunflowers, on loan from the Seiji Togo Memorial Yasuda Kasai Museum of Art in Tokyo, was painted a few months later on a piece of a bolt of burlap bought for Arles by Gauguin. It is curiously muted and its authenticity has been questioned, but extensive research in preparation for this exhibition indicates...