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Resource ID: #14663
Subject: Organized Crime
Source: U.S. News & World Report
Affiliation: 
Date: 13-Apr-98

Description

Japan's long-closed financial system is finally opening up to the world with a major reform initiative known as kinyu biggu ban, or financial big bang. As part of this plan, U.S. investors are spending billions of dollars to snap up huge portfolios of bad loans from Japanese banks. What the local banks aren't telling their new customers is that crime syndicates, called yakuza, are behind many of the bad loans.

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