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It even splashed out on a securities house.
"The investing public will run a mile," said a director at a securities house.
"The authorities must accept that share prices need to be discounted if privatisation and stockmarket development are serious objectives," says a director of a Milan securities house.
Each has its eye on Nikko Cordial, the third-biggest securities house, which would put its owner within striking distance of Nomura, the largest (see chart).
Mr. Yamamoto, who had spent 16 years at Nomura Securities, the largest securities house in the world, was hired to run the Drexel branch.
This created a temporary imbalance between supply and demand, made worse when a securities house accidentally sold short some 10,000 old Edge shares, and was left scrambling to buy them back.
Similar(33)
Banks will probably be allowed to engage in securities-related businesses, except stockbroking, and securities houses will be granted permission to engage in most businesses now handled by banks.Such changes are overdue.
Other Japanese securities houses, including Nikko Securities and Daiwa Securities, also announced appraisal losses on their securities holdings.
Still, the newfound success is largely limited to the big securities houses on Wall Street.
In some ways, the major American securities houses have done better in Tokyo than in London.
Commercial banks can borrow more, but they, too, must meet strict capital requirements, and so do securities houses.
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