Word: jusen
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...scandal revolves around seven housing-loan companies, or jusen, created in the 1970s to provide loans to home buyers. During the "bubble" years of the late 1980s and early 1990s, these companies lent huge sums, not to home buyers but to shady real estate speculators, many of whom were linked to Japan's tattooed gangsters, the YAKUZA. Just as in the U.S., real estate crashed in Japan, although a bit later, in the early 1990s. Result: the housing-loan companies watched their bad loans rise to at least $77 billion, more than 75% of their total portfolios...
...JUSEN, however, are only Chapter 1. The official bad debt of the whole Japanese financial system is $349 billion, according to the Ministry of Finance, but the experts say it could be as high as $1 trillion. There is broad agreement that the government will have to spend billions of dollars and banks will need to write off billions more to restore the system to health...
...Robert S. Goodyear '36, Na, thanael B. Groton, Jr. '37, Thomas G. Gunn '37, Bayard H. Hale '37, Aldon M. Haupt '37, Louis J. Hector '37, Edwin A. Hills '37, Hugh F. Hinckley '37, John Homans, Jr. '37, Franklin C. Humbert '37, Arthur R. Humphreys 1G, Edward H. H. Jusen '37, Sheldon Z. Kaplan II, Davis G. Kirby 2GB, John B. Little '36, Munro L. Lyeth...