RobertB
January 16th, 2008, 03:01 PM
Japan poised to rescue Wall Street banks
In a reversal of fortunes, the big Japanese banks have readied as much as $10 billion to rescue the West's banking titans
Leo Lewis in Tokyo and Tom Bawden in New York
The three wealthiest Japanese finance houses are set to step into the worsening sub-prime carnage as the “silent investment partners” of Wall Street and Europe's stricken banking titans.
Senior sources at the “big three” Tokyo megabanks told The Times that they had readied a combined cashpile of as much as $10 billion (£5 billion) and were open to negotiation with any struggling Wall Street bank that approached them for a cash infusion.
Mitsubishi UFJ (MUFJ), Mitsui Sumitomo Financial Group (SMFG) and Mizuho Financial - banks that have been scarred only very lightly by the sub-prime crisis in the United States - are understood to have already opened preliminary talks with several American firms.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3193341.ece
In a reversal of fortunes, the big Japanese banks have readied as much as $10 billion to rescue the West's banking titans
Leo Lewis in Tokyo and Tom Bawden in New York
The three wealthiest Japanese finance houses are set to step into the worsening sub-prime carnage as the “silent investment partners” of Wall Street and Europe's stricken banking titans.
Senior sources at the “big three” Tokyo megabanks told The Times that they had readied a combined cashpile of as much as $10 billion (£5 billion) and were open to negotiation with any struggling Wall Street bank that approached them for a cash infusion.
Mitsubishi UFJ (MUFJ), Mitsui Sumitomo Financial Group (SMFG) and Mizuho Financial - banks that have been scarred only very lightly by the sub-prime crisis in the United States - are understood to have already opened preliminary talks with several American firms.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3193341.ece