During a trip to Tokyo last week, I made a little pilgrimage to the city’s Tama cemetery to pay my respects to an old acquaintance who died recently.
Outside Japanese financial circles, the name Katsunobu Onogi is barely known. Among the Tokyo elite, however, “Onogi” evokes considerable emotion; he was the last president of Long-Term Credit Bank (LTCB), an institution which, until it collapsed ignominiously in 1998, symbolised the postwar might of Japan.
These days, Onogi’s story has become a thought-provoking and humbling one, not just for Japan but for Wall Street as well. Indeed, I would venture that Onogi’s tale should be mandatory reading for western bankers, particularly on the 10-year anniversary of the great America subprime shock.
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