http://www.economist.com/finance/displaystory.cfm?story_id=12725890

I still believe the "gaijin" did the right thing.

AMATEUR hour was over. When Shinsei Bank was founded in 2000 from the husk of a failed Japanese lender, it was meant to show the country how to run a bank to international standards. Unfortunately, it has done just that. Japanese banks escaped big writedowns and even bought large stakes in Western banks. But Shinsei ploughed headlong into all three of global banking’s booby traps: consumer lending, subprime mortgages and the bankruptcy of Lehman Brothers.