-Caveat Lector- from: http://legalnews.findlaw.com/scripts/legalnews.pl?frame=top&L=European_Union &R=/news/19981215/bcgermanydeutsche.html 12/15] German bank says ``new'' Nazi proof is 50 yrs old FRANKFURT, Dec 15 (Reuters) - Deutsche Bank, Germany's biggest bank, on Tuesday fired back at a U.S. lawyer representing Holocaust victims, saying his claim to new proof of the bank's Nazi past stemmed from old papers that had been public for about 50 years. New York attorney Edward Fagan said on Monday he sent ``new evidence'' of Deutsche's involvement with the Nazi-era regime in the form of World War Two-era U.S. intelligence documents to U.S. banking and German government officials. A Deutsche Bank spokesman said, however, the evidence was hardly new but apparently came from papers that had been available since shortly after the war ended. ``Mr. Fagan has not yet made his documents available to us,'' a bank spokesman said. ``The details that have been made known to us so far indicate that they have been available for decades.'' The German bank's $10.1 billion purchase of Bankers Trust of the United States is pending approval from U.S. authorities. Fagan said the documents supported a suit he filed in June in federal court demanding $18 billion in reparations from Deutsche Bank and Dresdner Bank for accounts looted from Holocaust victims by the Nazis. ``With this new evidence I will work even harder to see to it that the survivors will finally get the justice they deserve,'' Fagan said. ``Regulators will now have ammunition as they decide on the proposed merger.'' One post-war document obtained by Reuters called for the bank's liquidation and for its officials to be indicted and tried as war criminals over its participation in Nazi war crimes. A November 1946 report by the U.S. Military Government for Germany details how Deutsche Bank carried out an ``aryanization'' program during the Nazi years by broking or buying properties or businesses taken from Jews held in Nazi custody. ``The Deutsche Bank indicated a very early interest in aryanization,'' the report said. It ``gained politically by its demonstrations of loyalty to the Nazi program'' and ``reaped immediate and tangible extra profits'' by keeping accounts. A Deutsche spokesman said he had not seen the documents yet, but added ``Deutsche Bank's involvement in aryanization is known and we have never denied it.'' A flood of lawsuits have been filed by Holocaust victims against German banks and manufacturers including DaimlerChrysler, Volkswagen and Siemens. New York City Comptroller Alan Hevesi has said he would block the merger unless Deutsche Bank first settles survivors' claims, the Times reported Monday. Last Updated: 12/15/98 09:44 EST ======== http://legalnews.findlaw.com/scripts/legalnews.pl?frame=top&L=Asia&R=/news/1 9981215/bcjapannationalisation.html 12/15] Tough times ahead for Japan's bank revival panel TOKYO, Dec 15 (Reuters) - Tough times lie ahead for Japan's Financial Revitalisation Commission, launched on Tuesday with the task of judging if banks are solvent and whether to nationalise or liquidate them. Under a nationalisation scheme adopted in October, the commission aims to dispose of problem loans at failed or failing banks without harming depositors or sound borrowers. Up to 18 trillion yen ($153 billion) in public money is available for temporarily nationalising banks and covering losses stemming from cleaning up their balance sheets. The scheme lasts until March 2001. Tokyo has quickened moves to clear up its banking system woes amid a rising chorus of international demands that Japan reform the financial system as a top priority in reviving its economy. Analysts say the commission's immediate tasks include setting the price for the government's acquisition of shares in two banks which have already been put under temporary state control. Nationalisation of Nippon Credit Bank (NCB) was announced on Sunday, and the Long-Term Credit Bank of Japan was placed under state control on October 23. But analysts warned of the possibility of lawsuits. ``The share prices of NCB and LTCB will be set at nil as they were regarded as being insolvent... It might upset shareholders and some may file a suit, particularly NCB's shareholders,'' said Akira Takai, a senior analyst at Daiwa Institute of Research. The commission can nationalise a bank by making a forced purchase of all of its common shares regardless of any protest from shareholders. But analysts said shareholders could file a suit if they disagreed about the price. Under a bank revitalisation law that took effect in October, a bank can request nationalisation, as LTCB did. But if there are concerns over its ability to repay depositors, it can be compulsorily put under temporary state control. NCB was nationalised despite its resistance. When the commission puts a bank under temporary state control, it appoints a new board of directors to approve a sound credit policy and restructuring plans. Yukiko Ohara, a senior analyst at Morgan Stanley Japan, said, however: ``There are not many qualified candidates to head nationalised banks... It's hard for government officials to manage banking business.'' ``New heads of nationalised banks must try hard to sell as many bad loans as possible (to the governmental Resolution Trust Corp) to clean up their balance sheets, but it's hard to judge the quality of existing loans,'' she added. When the commission puts a bank under state control, the semi-governmental Deposit Insurance Corp will provide the nationalised bank with funds needed for its daily operations and offer special financial support. All deposits taken, debentures issued and interbank transactions as well as derivative transactions conducted by a nationalised bank would be settled by their due dates. Loans to sound borrowers would also be maintained. Analysts said that while the scheme aims to sell healthy assets at a nationalised bank to private-sector banks, it would be difficult to find buyers unless the commission disposes of potential problem loans quickly. ``If it takes long to clear up balance sheets, sound borrowers of a nationalised bank will find other lenders, and capable employees at the bank will quit...and no buyers will be there,'' said Daiwa's Takai. Last Updated: 12/15/98 04:24 EST DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. 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