Saving The Sun (Anglais) Broché – 2 septembre 2004
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Description du produit
Présentation de l'éditeur
Quatrième de couverture
Saving the Sun answers these questions and more in the riveting and remarkable story of Long Term Credit Bank, one of the world's most respected financial institutions, and its attempts to transform itself into a Western-style bank and reconcile the cultural gulf that still exists between Japan and the international banking community.
Praise for Saving the Sun:
'Smart and engaging...it's a riveting tale with important insights into Japan's culture and its sclerotic system.' BusinessWeek
'Saving the Sun is not simply about the fate of one Japanese bank. It is about the clash of two visions of finance...and how hard it is to reconcile them.' The Wall Street Journal Europe
'A rivering account of how a daring group of American investors acquired one of Japan's failing banks and an insightful analysis of the factors behind Japan's prolonged economic malaise.' Laura Tyson, dean, London Business School and former chair of the Council of Economic Advisers for President Clinton
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Commentaires client les plus utiles sur Amazon.co.uk
In Japan, certainly from WW11 the State viewed that capital,and finance for reconstruction, growth, and prosperity, was in essence the responsibility of the banking sector and banks like Long Term Credit Bank (LTCB) were directed to concentrate it's efforts to virtually little else but supporting Japanese commercial concerns. This worked fine and it kick-started the country's economic machine leading to the re-emergence of Japan as a major player on the world's commercial stage.
However, the culture in the government fiscal departments was companies that received capital financing from a bank became de facto 'children' of that institution, and the bank the 'parent'. And as parents were always expected to support their children, when financial difficulties arose further money was advanced with little or no regard to whether is was likely to be repaid. Consequently over the years vast sums of money was shovelled out to companies, with absolutely no reasonable expectation of ever being repaid.
Surprisingly, the Banking Regulatory Authorities and Auditors were seemingly unconcerned with the unreported, and unrecorded build-up of colossal bad debts littering just about every bank's balance sheet. The probable reason for this covert approach was that had anywhere near the full extent of the banks bad debts been in the public domain, then the whole Japanese economy would have collapsed with severe consequences on other nation's financial equilibriums. It would have been a veritable fiscal tsunami causing horrendous damage over a wide area.
This book tells the story of LTCB's growth from a relative minnow into one of the major 'capital' lenders, and attempts to diversify into investment banking. Bad Debts when finally grudgingly acknowledge meant that it had to be nationalised to stave off bankruptcy, and much against the better judgement of Japanese politicians and most regulators, was sold to a consortium headed by Ripplewood Inc, an Wall Street Equity Investment vehicle run by ex. Lazard Freres executive Tim Collins. Joining Collins in this deal was the renowned 'deal maker' J Christopher Flowers, who had been a senior executive at Goldman Sachs.
Because the Ripplewood purchase included a guarantee from the Japanese authorities to 'buy-back' in the first few years, all emerging cases of bad debts, there was a concentration by the new management to expose all potential problems in order to get recompense before the deadline, and this exposed the gulf of differences between Japanese and Wall Street methodology resulting in a wave of hostility from the Japanese towards the 'gaigin' (foreigners} from America.
Gillian Letts is a remarkable narrator of modern day economic history, giving the reader sufficient technical background to understand the complexities but not befuddle whilst maintaining optimum interest. A really first class read that has taken me a long way towards understanding the Japanese way of thinking and trading.
Come on Ms Letts we need more books from you of the high calibre of this and your second book "Fools Gold", a fascinating and detailed look at the recent Credit Crunch crisis, seen through the prism of the venerable investment bank J P Morgan!