Word: osaka
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...bank, which contends that the Osaka home office was unaware of Iguchi's actions, responded with a mixture of contrition and defiance. Daiwa agreed to leave the 13 states where it has offices, which account for some 15% of the bank's international assets. But the president of Daiwa, Takashi Kaiho, lashed out at the indictments, calling them "very inappropriate," and vowed to fight the charges. At the same time, Kaiho said the bank would reappraise its foreign ventures and slash its work force from 9,600 to 7,000 employees...
...possibility" that Federal Reserve inspectors would find him out if the bank were to buy back some of the Treasury securities that he had illicitly sold to conceal his losses. The same hubris permeated skull sessions that allegedly took place when Iguchi met with a Daiwa managing director from Osaka and the head of the New York branch on July 28 and 29 in Manhattan's Park Lane Hotel. The indictment said the managing director insisted that the cover-up continue until Daiwa could report its financial results for the six months ending Sept...
...mess. The Daiwa case has shown how shoddy management can be in at least one major Japanese bank. Daiwa and the ministry waited too long to notify the U.S. of the losses, and the bank used shell companies to hide losses. Last week officials at Daiwa's Osaka headquarters would say only that Iguchi was asked to carry on simply to "prevent him from escaping." As a whole, Japanese banks have failed to divulge the extent of their bad loans. They have also failed to clear their books of huge amounts of real estate that have lost value since...
...ended on Sept. 30. Yet Daiwa's 30 or so top officers, in a form of self-imposed wrist slaps, will take pay cuts of up to 30% for six months and will forgo their annual bonuses. The bank itself sold $336 million worth of real estate in Tokyo, Osaka, Hiroshima and other cities last week to help offset the losses. The situation at Daiwa could hinder Japan's attempts to clean up its banking mess...
...this week Tokyo and Washington plan to sign a five-year agreement covering Japan's financial contribution to the support of the American troops. In addition, President Bill Clinton and Prime Minister Tomiichi Murayama plan to stress the importance of their countries' defense ties during the November meeting in Osaka of the Asia-Pacific Economic Cooperation forum...