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Author
The Associated Press
Date
October 25, 2013

News Summary: Japan bank mulls cleanup

TAINTED LOANS: Japanese regulators are looking into allegations the country’s second largest megabank, Mizuho Bank, lent more than 200 million yen ($2 million) to people with links to organized crime

SHAKEUP REPORTS: The bank on Friday denied news reports, saying its chairman would step down and president lose months of pay as penalties meted out to some 30 Mizuho executives for failing to comply with laws against lending to “anti-social forces,” a byword in Japan for criminal gangs.

LOOMING DEADLINE: Mizuho faces a deadline Monday to submit plans to regulators for improving its lending business.

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