Word: maeda
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Dates: during 2000-2009
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...stumbled from one humiliation to another, including ATM network failures, executive turf wars, lingering bad loans, eroding asset values and a stock price that has fallen 85% since its September 2000 listing. Last week came the bleakest news yet: on Jan. 21, Mizuho Holdings president and CEO Terunobu Maeda announced that the bank expects to lose $16.53 billion for the fiscal year ending in March. That would be the largest loss in Japanese corporate history, and is nine times worse than results the company predicted just three months ago. Maeda followed that stunner with another: to replenish its rapidly evaporating...
...sheer size of its offering will make it difficult to raise the money by the bank's stated deadline of March 31. "There are lots of questions about whether they can pull this off," says Brian Waterhouse, an equity analyst at HSBC Securities in Tokyo. Mizuho president Maeda has said that he is looking at foreign and domestic investors alike. Most likely, he'll have to sell preferred stock to the bank's own customers and close business partners. This will perpetuate a pattern of cross-ownership between banks and affiliated companies that is one of the toxic hallmarks...