Credit card company JACCS admits lending money to gangs

So, the Yakuza borrows money and the government is going to buy the loans so as to free the Yakuza of their obligations? Is the government serious? This is the most obvious scam I have ever heard of. Talk about an easy way of having the government funnel money to the Yakuza.

Pales in comparison to the LIBOR scams or the subprime mess, and no one got in any trouble for those.

Get into the right business( group) and write your own ticket...it's Japan very unique!

Hurry, hurry! Get your iceberg tips while they're still small!

You have to imagine what will happen to company and employees including manager and CEO if they do not lend money to Yakuza.

The bank lends to the gang itself as a legal entity? Or the boss of the gang? Who might be a businessman?

Send them all to jail, I'm sick of this when one falls they all fall, all bow and move on to trying to hide their illegal activities better.

I think seeing the top of an old mans head gives me comfort, I am lucky in Japan I can see daily.

Now it sounds like the government and yaks are working together.

I guess they are gonna have to include another question on their credit applications, "Are you a Yak?"

Why the heck don't the cops just shut them down? They know who they are. They know their operations, but the do bugger all! Instead, they chase the victims. Are the cops afraid of the Yaks? Are the cops actually the Yaks?

I think most people would doubt the honesty of many involved in this banking industry.

Politically correct... Loan sharking!

What difference does it make it a yak gets a loan from a bank? Just one crook working with another if you understand how some banks are screwing over the rest of us. And if they are doing it, what does that say about the yakuza? They don't have enough money to keep themselves afloat? I mean as far as cash oriented businesses go, Japan seems to do more of it than the USA. Otherwise you wouldn't keep hearing about those scam stories of someone calling to be a distant relative and asking for money because they lost the payroll of a company. So if many companies are doing cash business only, why do the yaks need to go to banks?

DisillusionedNov. 07, 2013 - 11:41AM JST

I guess they are gonna have to include another question on their credit applications, "Are you a Yak?"

Yes, they did, so that police can arrest yakuzas for misrepresentation.

There are several causes to this loan to yakuza problem and the financial company is not the only one to blame.

-Police refuses to disclose yakuza namelist, citing investigation secrets. So, Banks have no idea who is yakuza and who is not.

-Being a Yakuza is not a crime. They are thrown into jail only when their crime is proven at the court. It is said that about 1/3 of Yakuzas are in jail at anytime, leaving 2/3 out of jail.

-Organizing a Yakuza group is not a crime in itself. The group exists unless all of its members are put into jail.

I think the first step is to disclose the Yakuza namelist to the public. If anyone can see, this problem will be mostly solved.

He refused to give an exact number, but admitted it was “more than one but still single digit”

WTF - So that would be 9 then?

But they wouldn't give me their credit card when I joined my gym. I applied for a piffley 50,000 yen a month credit ( the smallest limit as I didn't really want it anyway but had to apply for it) and was still denied. Gaijin = no credit, yaks are obviously no risk whatsoever.

Oh yes they're all coming out of the woodwork now! This will end up being a rabbit hole, no doubt.

You can almost feel the Horner......

Nothing will become of any of the scandals going on at the moment. Banks, food, hospitality industry, dept stores, Fukushima etc.. Its all just a distraction thatll be forgotten about as soon as the public become aware of the next big sale or gimmick. Just a joke how these things go on and on. We never hear any kind of follow-up.

Gaijin = no credit, yaks are obviously no risk whatsoever.

I have credit cards from four major Japanese companies/banks, and have for years. "Gaijin" has little to do with it.

There are several causes to this loan to yakuza problem and the financial company is not the only one to blame.

This is true, but much of the problem comes from the history behind the current ownership of these consumer credit companies. Major banking groups who snapped them up over the years knew perfectly well they were acquiring toxic assets at rock-bottom prices--the profitability of most of these lenders was decimated by new interest-rate regulation a few years ago--but once they acquired them, they did little more than slap on a veneer of respectability without really vetting or cleaning up the questionable loans already on the lenders' books. It was a battle to see who could acquire the largest customer base for the smallest outlay, and now they're paying for their greed.

I guess they are gonna have to include another question on their credit applications, "Are you a Yak?"

When you join a gym in Japan that is a real question on the form.

Isn't it kinda sad that the Mafia needs to take out loans? I guess crime doesn't pay.

How the hell these gangs are tolerated by police and lawmakers while the rest of the population and businesses should mandatorily resist without any protection!

I do not defend the banks but something is really really wrong with the Yakuza issue handling in Japan. Either good or bad, but please make your mind. Grey is not an option with outlaws!

So, how much Yakuza money is tied-up in Japanese government bond? It wouldn't surprise me a bit if they decided to get into government financing.

@3CPCHO

-Organizing a Yakuza group is not a crime in itself. The group exists unless all of its members are put into jail.

So it's sort of like an RPG?

I wonder how many individuals/companies have given yaks money...

budgie - Try OMC. If I can get an OMC credit card, anyone can.