Up up in the sky
Nishikawa told the Journal, "This could be considered as a return to the old days of fiscal finance via the bloated FILP." Nishikawa in the interview disclosed that he has returned as an adviser to the Sumitomo Mitsui Banking Corporation.
He commented that he " brought in other bankers from SMFG in an effort to end what he saw as bureaucratic inefficiencies and broke up the "old boy" system where several thousand former Japan Post employees had landed jobs at the group's suppliers and linked Japan Post to other banking data networks, even though it is now in danger because other banks had expected the state-run Japan Post to be 100% privatized"
Mr. Nishikawa said "he oversaw a drastic reduction in Japan Post's balance sheet, which cut the systemic risk the group posed to the Japanese financial system and fulfilled one of Mr. Koizumi's key tenets"and"Shrinking the assets resulted in money flow into the private sector. In that sense Japan Post has already played a part in privatization"
However, this blog can contend that the statements by Nishikawa is totally misleading and unfounded. The drastic redcution in the balance sheet means the profit also drastically shrinked in comparison to the performance during the days of public corporation before Nishikawa took office almost two years ago.
He said the business was on the right track and profit reached 420billlion yen level only after the gigantic NTT, and the scale occupied the nubmer two position in Japan in a TV program interview but stock market in Tokyo did not respected the figure, because 1301.8billion yen profit was raised in March 2004 and even the lowest figure 942.5 billion yen was attained under the public management before the privatization.
Postal services even if severely affected by the low level of economic activities, postal savings, and the kampo or postal life insurance business, the three pillars of the Japan Post went down spiral during the two years of privatization led by Nishikawa and the negative trends still continues. There seems to be no prospectus of growth, even if the Japan Post could get into privatized open stock company as Nishikawa strongly pushed..
The views and opinions of the ousted banker is biased and misleading and probably the old banker sought after the illusion of the glorious days of market fundamentalism which placed the verdict that the leverages and mathematics or fool's gold can be converted into the substantial cash for those villains including those people brought in to sell out the assetts of the post office which accumulated nation's wealth. Luckily and probably heaven's sake, it just did not happen. Nishikawa's disaster capitalism management destroyed and eroded public sphere of the national network of post offices but there still remained those who resisted the therapy of shock doctrine experiments. The Lehman Brothers bankrupcy was a invisible hand's message that the concpiracies of disaster capitalism in the world should be halted immediately. Accordingly conspiracies of Japan Post privatiation also collapsed as other market fundamentalist's venture into the castle up in the sky destroyed itself in the rest of the world.