business

Scandal-tainted Suruga Bank to gain Y250 bil credit line from BOJ: sources

10 Comments
By Taro Fuse and Sumio Ito

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Why are we not hearing more about the scandal bank?

3 ( +3 / -0 )

Oh look, a bank lending money it doesn't have, found out, people withdraw deposits in mass. Somethings just never change, like the warmth of human stupidity that makes the world feels like home.

3 ( +3 / -0 )

Why not throw more money at them, it's not like they are incompetent or lack oversight, transperacy or run by retired members of the BOJ.

2 ( +2 / -0 )

Another day in Japan, another corporation involved in fraud. However, this one is quite special. The Bank Of Jaoan is gonna bail them out with a big wad of cash.

0 ( +0 / -0 )

Why are we not hearing more about the scandal bank?

That's a good question. Why is there so much stuff that happens in Japan that never makes the corporate media? Why could that possible be? It's a real headscratcher isn't it!

2 ( +2 / -0 )

Suruga is a sure thing

0 ( +0 / -0 )

Good old Japan. Getting paid for scandal. Add this to the ever-growing list of "Made in Japan".

2 ( +3 / -1 )

A BOJ spokesman declined to comment, saying the central bank does not disclose specific collateral conditions. A Suruga spokesman said he could not comment on specific transactions. Officials for Japan’s Financial Services Agency were not immediately available for comment.

When there's that much money at stake, it should be the opposite. They should be clear, more than ever, about what's going on and what they are going to do.

Japan’s bank regulator last month ordered Suruga to stop making new loans for property investments for six months, after a third-party panel found Suruga had been involved in falsifying documents on loans made to investors who built “share houses” where tenants share bathrooms and other facilities.

The government also found that the bank had made improper loans to businesses related to the bank’s founding family, and had allowed “anti-social elements”, a euphemism for organized crime in Japan, to open deposit accounts.

I hope we read, in a not so distant future, that the responsible people of all of that is going to be prosecuted and charged.

1 ( +1 / -0 )

Guarantee the deposits and let the bank fail. Simple. Rescuing corrupt institutions is not the answer, that's for sure.

1 ( +1 / -0 )

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