The biggest female financial fraudster in history!
These are screenshots from a Japanese TV program in '89 while she was coming off the peak of her financial prowess, with interesting footage showing the interior of one of two ryotei (Japanese restaurants) she operated & also the unbelievable stacks of Tokyo-listed securities worth billions of yen(maybe even dollars!) stuffed in a bag. Below is a capture of a whole bundle of NTT shares, back then the most expensive in the world at over ¥2,000,000 a share. She had beginners' luck on these when she was new in the market in 1987, getting a bundle of them during the IPO & making an estimated ¥4.8 billion when they soared to a high of ¥3,180,000 shortly after listing. These gains were then parlayed into more shares which were used as collateral for inconceivable hundreds of billions of yen of debt to purchase even more shares just as many blue chip stocks were peaking from 1987-1990.
With the central bank, the Bank of Japan, raising interest rates punitively from 2.5% to a peak of 6% in August 1990, her interest payments soon ballooned to a scarcely believable(& scary!) ¥170 million yen per day or thereabouts. The collapsing house of cards that was the Tokyo stock & property markets in 1990-1991 eventuated into a realised loss of ¥430 billion: a record figure for that country! Thus, the Osaka restauranteur was the protagonist in the collapse of at least 3 banks & other financial institutions, with the most valuable company in the world in 1989, the Industrial Bank of Japan, her main financier parlaying ¥240 billion, being forced into a tripartite merger of fellow financial behemoths 13 years later & vanishing from existence.
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posted by DP @ 6:16 AM
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