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Yamato Life in Japan Files for Bankruptcy, Citing Bad Investments

October 10, 2008 by · Leave a Comment
Filed under: Global News 

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Well this is not a U.S. crisis or a OECD crisis but a global crisis. We will see more failures in all markets as this global de-leveraging is taking place. The other option is we could see world governments doing more to intervene in the markets and prop up these insolvent institutions and in turn that would make the problem more acute. It would be more acute because the more you change the rules during the game the more people will not want to participate and will just withdraw there assets into cash and wait on the sidelines till they know there is more certainty.

News Release:

Yamato Life Insurance Co., a 98- year-old Japanese insurer, filed for court protection from creditors in the nation’s first bankruptcy in the industry in seven years, with debts exceeding assets by 11.5 billion yen ($116 million).

A decline in the value of securities holdings widened losses at the Tokyo-based company, whose debts total 269.5 billion yen, as value of its investments widened amid the global market meltdown, Yamato Life said at a press briefing in Tokyo.

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