History
Yamaichi, formed in the late 1800s, was at one time one of the four major Japanese brokerages. Its clients were major Japanese corporations.
In the boom of the 1980s it was given specified sums of money by 10 of its clients to invest as it saw fit. A sharp downturn in the early 1990s and poor dealings by Yamaichi generated losses of more than 200 billion yen. Fearing the demise of the firm through loss of reputation that would result if the scale of losses became known, the brokerage shouldered the loss of its clients, and moved it off balance sheet.
Yamaichi sold in a private placement Touchwood Pacific Partners limited partnership to about 50 Japanese institutional or private investors in the amount of $191 million in 1990 for The Walt Disney Company film production.
Read more about this topic: Yamaichi Securities
Famous quotes containing the word history:
“No one can understand Paris and its history who does not understand that its fierceness is the balance and justification of its frivolity. It is called a city of pleasure; but it may also very specially be called a city of pain. The crown of roses is also a crown of thorns. Its people are too prone to hurt others, but quite ready also to hurt themselves. They are martyrs for religion, they are martyrs for irreligion; they are even martyrs for immorality.”
—Gilbert Keith Chesterton (1874–1936)
“Spain is an overflow of sombreness ... a strong and threatening tide of history meets you at the frontier.”
—Wyndham Lewis (1882–1957)
“Only the history of free peoples is worth our attention; the history of men under a despotism is merely a collection of anecdotes.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)