13 Bankers: The Wall Street Takeover and the Next Financial Meltdown — CHAPTER 2: OTHER PEOPLE’S OLIGARCHS

1. 1. Before the 1997 crisis, Korean chaebols had debt-equity ratios averaging 396%, far above the US (154%) and Japan (193%).
2. 2. The IMF and US Treasury pushed Korea to liberalize capital inflows and open financial services to foreign investors, contributing to the crisis.
3. 3. Suharto's family and cronies in Indonesia undermined IMF bank closures by shifting assets and challenging closures legally.
4. 4. Russia's oligarchs emerged from the 1990s privatization through 'loans-for-shares' schemes and tunneling, with IMF and US support for capital inflows.
5. 5. South Korea successfully reformed after the 1997 crisis by breaking up chaebol cross-shareholdings and strengthening minority shareholder rights.
6. 6. The United States itself is not immune to the dynamics of oligarchic finance, as seen in the LTCM bailout and the 2008 crisis.