OTHER NEWS - Aug. 27, 1991
Japanese Agency Knew of Stock-Loss Pay-Backs in 1983: Finance Minister Ryutaro Hashimoto said his agency knew in 1983 that brokerages were compensating favored clients for stock trading losses but said the agency didn’t know the large scale of the problem until 1989. Instead of taking action against the brokerages, it merely advised them to avoid the practice, Hashimoto said at a lower house budget committee meeting. Seventeen brokerages have admitted that they provided almost $1.3 billion in compensation to more than 600 clients in recent months.
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