Corrupt Postal Privatization 87
Japan's postal services are now privatized and it was divided into four companies and reportedly the privatization is not based on the rule of law and outcome is a total failure .
It was announced that the four companies within the Japan Post group posted a superficial net surpluses in the first business year that ended in Marchi this year.
Japan Post Holdings Co., the holding company of the Japan Post group registered 19.9617 trillion yen in sales, 830.5 billion yen in ordinary profits and 422.7 billion yen in net profits in fiscal 2008 on a consolidated basis. It is the first time that the company has announced its financial statement for an entire business year since it was founded in October 2007 through the privatization of Japan Post.
The profits of three of the companies, excluding Japan Post Insurance Co., could be seen a big figure but it was far lower than the initially expected. The mechanismi is that the universal services of the Japan Post is earned, about 60~70%, from the two finnancial wings, especially from the Japan Post Bank.co. The structure remains totally the same before the privatization and most commentators here claims that the privatization in Japan of the postal services are only a domination of the politicallly insprired business circule and possible toransfer of the postal assets to the villains of the so called Wall streets, which are now under the attack of the American people.
Japan Post Bank registered 229.3 billion yen in net profit, while mega banks have plunged deeply into the red. However, Japan Post Service Co.'s net profit came to 29.8 billion yen, well below the 47 billion yen that had been forecast, as earning from its mail delivery service fell 3.5 percent last fiscal year from a year earlier due to the economic downturn. Japan post bank remained conservative to buy solely governments bonds and other low risk financial products and continued to be the largest earner amongst the Japan Postal gruop
Yoshifumi Nishikawa, president of Japan Post Holdings, said he will stay on until Japan Post Bank and Japan Post Insurance are prepared to list their stocks, possibly in fiscal 2010, but there remains the harsh criticisms against his lack of governance and possible corruptions within the Japan Post group as exemplified by the process of un-transparent sales of the Kampo-inns.
This blog can clearly state that the market fundamentalism in Japan is almost dead and the wind which blew strongly to wipe out the culture and tradition of Japan is now almost stopped. Schock doctrine in Japan, one example is the postal privatization as imposed by some American vested interests groups are now totally decayded.
The conspiracies of the Japanese neocons such as the former prime minister Koizumi and the Minister Takenaka to sell out the assetts of the Japanese people failed completely.
Some Japanese commented that the Kamikaze again blew, and the Japanese assetts were saved after the collapse of the market fundamentalism in Japan since September 15the last year the momento when the Lehman brothers went bankrupcy.
Privatization of Japan Post is now apparently total failure. The President who were installed by Takenaka and Koizumi are under strong criticisms to leave the post, though Mr NIshikawa clings to the post becauce reportedly other scancals may be reveraled out after his departure Some of his subourdinated from the _Sumitomobank continues to live in the company house and reportedly already corrupt enough to be sued legally against the interests of the Japanese citizens which are the true owner of the Japan Post company.
Minister Kunio Hatoyama, in charge of Japan Post companies administration, claims that hie will abyde by the rule of law and justice which may be lost by the fake privatization processes in Japan.. Already the President of the German privatized Post chief, was arrested because of his illegal transfer of money beyond border and it is probable that the Japanese Minister will also topple down the chief of privatized Japan Post, Mir Nishikawa who symbolized the market fundamentalism in Tokyo.
In Japan also the harshest battle between the neocon and the domocratic values are occuring as in the case of the battles betweenn the President Obama and former vaice president Cheney. In case of the Japanese postal privatization, it will be definitely be a case for the clear winning for the people of Japan and not for the villains of the financial circles and the maket economy fundamentalists.
The fate of Mr NIshikawa and his followers are doomed to be a decay and soon be erased out of the political and democratic process.