Japan: The Yen Stops Here

Imagine that after a junior officer in a Chase Manhattan Bank branch was caught with his hand in the till, Chairman David Rockefeller was hauled before Congress to apologize and given a 30% pay cut. It could never happen in the U.S., where responsibility only goes so far. But much the same thing has happened in Japan.

Yoshizane Iwasa, president of the Fuji Bank, which is Japan's largest, found himself held to account for an embezzlement by a minor loan officer in a Tokyo branch. Masao Suganuma, 41, was arrested for taking $5,270,000 through phony loans. Once word got out, President...

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