Debt
In 1987, when the privatization of Japanese National Railways took place, JNR debt totaled over ¥37 trillion. Upon passage of the 1987 Railway Reform Law, the debt of JNR was split, with 60% of the responsibility falling directly on the JNR Settlement Corporation, and 40% falling on three of the JR Group railway companies, JR East, JR Central, and JR West. While the smaller portion was expected to be repaid, the three JR Group railway companies were not held liable for failed earnings, and only made significant profit through sale of stock. JNR dignitaries staggered interest payments on the large existing debt to keep the JNRSC from paying back the debts that it was expected to. During its tenure, the debt increased, leaving taxpayers to pay off nearly ¥24 trillion as of 2009.
Read more about this topic: JNR Settlement Corporation
Famous quotes containing the word debt:
“They who have been bred in the school of politics fail now and always to face the facts. Their measures are half measures and makeshifts merely. They put off the day of settlement, and meanwhile the debt accumulates.”
—Henry David Thoreau (1817–1862)
“Capitalism is an art form, an Apollonian fabrication to rival nature. It is hypocritical for feminists and intellectuals to enjoy the pleasures and conveniences of capitalism while sneering at it.... Everyone born into capitalism has incurred a debt to it. Give Caesar his due.”
—Camille Paglia (b. 1947)
“There is, of course, a gold mine or a buried treasure on every mortgaged homestead. Whether the farmer ever digs for it or not, it is there, haunting his daydreams when the burden of debt is most unbearable.”
—Fawn M. Brodie (1915–1981)