TOKYO - The Japanese government's November 30 decision to nationalize the insolvent Ashikaga banking group has surprised investors who had expected a Resona-style bailout - in which shareholders weren't forced to take a haircut for the mess. The move means that Ashikaga shareholders' capital will be wiped out, leaving them with nothing, and the government will take 100 percent of the equity in the regional lender. Since May 17 when the government decided, in bailing out Japan's fifth largest bank, not to compel shareholders to assume responsibility for the Resona debacle, some foreign hedge funds had picked up regional Japanese...
Read More...
[Source: Latest Articles - Posted by FreeAutoBlogger]
Ripples from a Japanese Bank Collapse 2003 (relevant today)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment