Word: sumitomos
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Your report on what it cost the city of Phoenix, Ariz., to encourage Sumitomo Sitix of Japan to locate a silicon-wafer plant there was intellectually dishonest in describing what occurred [SPECIAL REPORT: CORPORATE WELFARE, Nov. 23]. You ignored the fact that this company brought 400 new high-tech jobs and an annual payroll of $14 million to a section of Phoenix that offered few employment opportunities. You failed to note the additional wealth created by yearly payments to vendors of $10 million, a $1 million payment to Phoenix for development and impact fees and $5 million in construction sales...
TOKYO: Former Sumitomo trader Yasuo Hamanaka, whose staggering losses roiled the world's metal markets and raised serious questions about how Japanese firms are run went on trial Monday and, as expected, pled guilty. Hamanaka is charged with forgery and fraud that left his firm $2.6 billion in the hole. Prosecutors say Hamanaka forged the signatures of two of his superiors to cover his massive trading losses, swindling a Sumitomo subsidiary out of $770 million. Sumitomo's star trader is the only person charged and faces up to 15 years in prison. British and U.S. investigators are continuing separate probes...
ARRESTED. YASUO HAMANAKA, 48, former copper dealer for Japan's Sumitomo Corp., who lost an estimated $2.6 billion in allegedly unsanctioned trading; on suspicion of forging two documents to authorize his transactions with a Merrill Lynch dealer; in Tokyo...
...cannot be a global player without a presence in the U.S.," says James McDermott, president of the consulting firm Keefe, Bruyette & Woods. He predicts that the bank may soon be acquired by a buyer like Sumitomo, Japan's second largest bank, which is reportedly close to a deal...
...lead to the creation of the world's biggest bank next year. Said a bank-stock analyst: "It's like marrying the two most beautiful people in the world." The new behemoth, with $823 billion in assets, would be 50% larger than the current biggest bank, Japan's Sumitomo, and would dwarf America's top-ranking Citicorp, with its mere $250 billion in assets...