Can Thailand wake from its lending nightmare?

Article Abstract:

Krirkkiat Jalinchandra has been arrested for wreaking financial havoc in Thai banking that is potentially greater than those involving Daiwa, Barings or Sumitomo. While he was the head of the Bangkok Bank of Commerce, the bank racked up about two billion pounds sterling worth of non-performing debt in its books as of 1996, of which only 356 million pounds are supported by collateral. Five hundred million pounds were found to be unrecoverable. This scam continued despite a Moody's warning in Feb. 1995 that the bank had an abnormally large non-performing loan book. The bank was able to hide the losses it was incurring by releasing healthy-looking profit figures. Central Bank Gov. Vijit Supinit maintained that the bank was not in difficulty despite audits by his own staff that it had been deceiving investors. Authorities have already arrested Jalinchandra and five other executives but proving that they broke the law could be an uphill battle.

Banking industry, Management, Cases, Crime, Bangkok Bank of Commerce Ltd., Jalinchandra, Krirkkiat

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Thailand

Article Abstract:

The Thai bills of exchange market experienced a rough year in 1996 due to high inflation, a large current account deficit and political uncertainties that eroded the confidence of domestic and foreign investors in the Thai economy. The Thai bond market has not attracted as much interest from foreign investors as has the Thai money market, which was tight in the short term.

Public Finance Activities, National Government Liabilities & Debt, Domestic Financial Transactions, Capital market, Capital markets, National debt, Money market, Money markets, Bills of exchange, Drafts (Finance)

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Ann Arbor community rallies in wake of Pfizer shutdown

Article Abstract:

The impact of Pfizer shutting down its research facility in Ann Arbor, Michigan, on its employees is discussed. Many startups are initiated by Pfizer's scientists since the closure announcement in January 2007 and many other outside companies are contemplating about starting research operations in Ann Arbor.

Plant shutdown, Pharmaceutical preparations, Personnel administration, United States, Pharmaceutical industry, Pfizer Inc., PFE, Downsizing, Facility closures

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