Word: yamaichi
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...means ordering just enough layoffs and cost cuts to qualify for another lifeline from the banks?themselves staggering under $1 trillion in bad debts. Meanwhile, the corporate graveyard is crowded with foreign investors who tried to make over Japanese failures. Most recently, Merrill Lynch, which bought out securities firm Yamaichi, is beating a retreat...
...means ordering just enough layoffs and cost cuts to qualify for another lifeline from the banks--themselves staggering under $1 trillion in lousy debts. Meanwhile, the corporate graveyard is crowded with foreign investors who tried to make over Japanese failures. Most recently, Merrill Lynch, which bought out securities firm Yamaichi, is beating a retreat...
...true inability of the Japanese to manage in a difficult situation," says ING Baring Furman Selz managing director Maryann Keller, who has studied Japanese industry for 30 years. Once unthinkable, the idea that foreigners might "save" Japanese companies is becoming commonplace. Witness Merrill Lynch and its absorption of Yamaichi Securities, or General Electric Capital Corp. and its $6.5 billion takeover of one of Japan's biggest leasing companies. Or Goodyear's bid to control Sumitomo Rubber Industries. If it is shameful to be acquired by foreigners, at least Nissan president Hanawa is far from alone...
...still unraveling tale of hidden loans and payoffs at Japan's financial institutions has tainted several top companies. Just last week, a former chairman of Daichi Kangyo Bank admitted that he regularly paid racketeers not to divulge embarrassing corporate information. Yamaichi Securities' Nozawa dissolved in a shower of presidential tears over $2 billion in bad loans the company could no longer hide...
...crisis could move to Japan are very real. Those Asian nations are major consumers of goods from Japan, which is suffering from its own prolonged recession and instability caused by overextended financial institutions. Japan's vulnerability was brought home last week by the collapse of the 100-year-old Yamaichi Securities, that nation's largest business failure since the end of World...