Commentary: Japan's Post Offices Should Stop Being BanksBy
It's hard to pity the blue-suited men who work in Tokyo's Ohtemachi district, home to Japan's big banks. Japanese bankers are insensitive to consumers--and forget about shareholders. Back in the 1980s, they lent recklessly, then needed a $65 billion bailout in the 1990s. But they have one complaint that's legitimate: The banks suffer from the unfair advantages given the heavily subsidized state Postal Savings System. Now, the bankers have a plan to privatize the postal system, and no one is listening. People should. Here's why.
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