November 26, 1997 |
With grim-faced investors queuing up outside a failed brokerage Tuesday and the stock market beating a panicky retreat, public pressure mounted on the Japanese government to quell the wrath of the markets by rescuing the nation's debt-laden banks. "I came here today to pick up my money, but I couldn't get in because there is such a crowd," said Mayumi Kihata, 32, an office worker who was among about 150 people lined up outside one downtown branch of Yamaichi Securities Co.
November 25, 1997 |
Yamaichi Securities Co.'s U.S. unit on Monday said it plans to follow its Japanese parent's lead and shut down, meaning U.S. regulators will probably ask other companies to take over millions of dollars in American customer accounts held by the subsidiary. "We are working to ensure that U.S. investors' interests are protected as Yamaichi is unwound," said Richard Lindsey, who heads the Securities and Exchange Commission's market regulation division.
November 24, 1997 |
Crushed by soaring debt, a slumping stock market and a racketeer payoff scandal, Yamaichi Securities, Japan's fourth-largest brokerage firm, announced today that it will shut down. It is the largest Japanese corporate failure since World War II. Reaffirming the Japanese government's increasingly tough, market-oriented stance, Finance Minister Hiroshi Mitsuzuka said the brokerage will be allowed to go under.
November 22, 1997 |
One of Japan's biggest securities firms plans to shut down because of financial woes from a payoff scandal and a slump in Tokyo stock prices, Japanese news services reported. Yamaichi Securities Co., which has debts of about 3 trillion yen, or $24 billion, would be the biggest Japanese company to collapse since World War II, Nikkei News said late Friday.
November 22, 1997 |
Japan's Finance Ministry said today that it ordered the country's fourth-largest brokerage, Yamaichi Securities Co., to finalize a plan to deal with its financial troubles by Monday. The ministry said it did not believe that Yamaichi's liabilities exceeded its assets, but suspicions were growing that the "Big Four" broker had massive off-balance sheet liabilities exceeding $1.58 billion.
November 17, 1997 |
Cash-strapped Yamaichi Securities Co., a leading Japanese brokerage, will split its operations and gradually shut its 31 overseas branches and link up with foreign securities firms, according to reports appearing Sunday in the Japanese news media. Kyodo News agency, citing unidentified industry sources, reported that next April, Yamaichi will consist of one part to oversee services for corporate clients, a second to be in charge of services for individual customers, and a third for management.