The Mudcat Café TM
Thread #144704 Message #3346419
Posted By: GUEST,leeneia
03-May-12 - 08:44 AM
Thread Name: BS: Edvard Munch's 'The Scream' $119.9M???
Subject: RE: BS: Edvard Munch's 'The Scream' $119.9M???
Megan, I believe I read about the bank fraud in a book about finances, and I can't remember what the book was. I read a lot.
What happened was, inflation in Japan was very severe, and the government put a limit on how much one could pay for real estate in Tokyo. One bank wanted to buy a building from another, but the seller wanted more money than the law permitted. The banks got around the limit by agreeing that Bank B (the buyer) would purchase the building for the legal amount, then also buy Bank S's painting for a huge sum of money.
I could have some details wrong. The main point is that things in the news may not be what they seem.