crime

Mizuho CEO set to survive gang loan scandal

14 Comments
By Taiga Uranaka and Taro Fuse

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14 Comments
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They punish this guy for dealing with the Yaks, but the Yaks are left alone to do as they please. The cops know who and where they are. They know most of their rackets, but do nothing about it. It's quite likely this CEO was intimidated into giving the Yaks money, but is too scared to say anything.

-2 ( +2 / -4 )

But the real question is will he survive the wrath of thyakuza??

0 ( +0 / -0 )

Were they ever not expected to survive? Doubt it.

1 ( +1 / -0 )

13 years after its formation, they still require "a symbol of One Mizuho"?

A toxic mess, with conflicting loyalties to the respective silos. No wonder there's a governance problem.

3 ( +3 / -0 )

Of course he'll survive the scandal... This is of course Japan, where things like this happen to people in power all the time, and are let off scott-free 99% of the time for it. Same thing happened to Olympus. Those crooks all got away from doing jail-time. And let's not even open up the can of worms that is TEPCO, who have to this day not been criminally prosecuted. The 'justice system' (if you can even call it that) in Japan is a joke.

4 ( +5 / -1 )

A few kyabajo visits, cash envelopes to the right people - all good.

1 ( +2 / -1 )

Of course he is -- this is Japan!

-1 ( +4 / -5 )

Surprise, surprise! Has there ever been an OB corporate executive in Japan who's been punished, I mean really punished, not some slap on the hand like a 10% pay dock for 2 months or the ubiquitous suspended sentence? The mega corporations and all their yak connections run the show in Japan (as elsewhere, alas), with democracy and honest business dealing simply the thin pretty washi wrapping covering up the hard truths within.

With so many glitzy distractions to choose from in cool Japan, though, people here for the most part don't really care, meaning the same old OB system will continue as the young corporate slaves there now yearn to get to the top too.

2 ( +2 / -0 )

What companies in Japan do not have hooks in them from the Yaks. Olympus was totally corrupted by the Yaks.

I would guess the "loans" to the Yaks were never paid back. How would they collect if they went unpaid?

Please, please Mr. Yak. Please pay us back if you like. It you do not want to then that it is OK. Here is more free money for you.

2 ( +2 / -0 )

And in other news, the sky is blue and water is still wet. Six months pay? I'd like to know how much that is.

0 ( +0 / -0 )

It's kind of ironic that someone from BNP Paribas is quoted on this, given all the times they've been fined in Japan for suspect behaviour in the markets.

-1 ( +0 / -1 )

Bankers will never be punished. Not in Japan, not elsewhere. For a western example, HSBC laundered hundreds of millions of dollars of drug cartel money, and nobody was ever blamed.

3 ( +3 / -0 )

@greenlight, very good point, sad but most likely right on the money!

0 ( +0 / -0 )

I am glad to hear Mizuho CEO Mr. Yasuhiro Sato has a reformist attitude and working to unify the corporate culture -- and he will continue to stay on. I can understand the enormous difficulty he has to make a "One Mizuho" . I now understand from the information in the article these "strange" One Mizuho" commercials were more for the internal staff than the public. The media attention has helped senior management deal quickly with the issues--either intentionally or not and that is extremely interesting to me. Mr. Sato might be silently thankful for the medias help to resolve some dissident managers in the organization. At any rate, the result looks good. Mizuho was forced to implement the measures on these "shaky" loans immediately. I hope that the media in Japan will continue to expand their investigation reporting techniques.

0 ( +0 / -0 )

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