Word: mitsui
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...stronger one are already emerging. Many timid, superprudent banks have been pushed to innovation and aggressive marketing. Says John Medlin, president of North Carolina's Wachovia Bank ($8 billion): "You find more risk taking, more motivation and more financial entrepreneurship." Notes Leonard Weil, president of California's Mitsui Manufacturers Bank: ($1.7 billion): "Despite all the dark suits worn by its leaders, banking is a very dynamic industry." Bankers have rolled out dozens of new services ranging from discount-catalog shopping to home-equity accounts that allow consumers to write checks based on the value of their house...
...advanced nations' disease," though the attack is not yet acute. In a recent poll, 89% of Japanese described themselves as happy with their lives. The present undoubtedly looks handsome compared with the bleak aftermath of the war. Many of the men who are now in the middle management of Mitsui and Mitsubishi were babies being fed a grain of rice at a time in 1946. Morita and Masaru Ibuka founded Sony that year by scrounging around the fire-bombed ruins of Tokyo for parts with which to build broadcasting equipment...
Meanwhile, soaring oil prices in the early 1970s slowed the Japanese economy, and Mitsukoshi's profits began to slip. Top management at Mitsukoshi's associated companies in the Mitsui group eventually began to wonder if Okada could turn the store's fortunes around. The final blow came three weeks ago when experts charged that Persian treasures shown last month at the main Mitsukoshi store in Tokyo featured costly fakes. When Okada refused to accept responsibility for the hoax and resign, the store's 16 other directors convened at Mitsui's urging and voted to fire...
...Mitsui blamed the overstatements on bookkeeping errors and promised that such "procedural mistakes" would not be repeated. Said Junichi Amano, general manager of the San Francisco office: "Mitsui U.S.A. has taken steps to ensure that there will be no deviations by any employee from Mitsui U.S.A.'s strict policy of full compliance with the laws of the United States...
...prestigious Tokyo Institute of Technology: "Our mercantile image has once again been tarnished. We Japanese are now being regarded as a scheming bunch of villains around the U.S. It will take years for us to improve our image to what it had been before Hitachi, Mitsubishi and Mitsui were caught." The land where saving face is all important is now worried about losing face...