Missing Deposit, One Story - told year by year

Part 1: Introduction 

I want you to think about things you can't see, gravity, the rotation of earth, because we can only see the results and not the process should we assume they don't exist?  On April 25th, 2001, two young Americans arrived in Japan.  They moved into an apartment in Tokyo with two other American men.  These men entered into a contract with a Japanese landlord, that landlord required a large amount of deposit money.  Three of these men claimed one man, Tim, ran off with this money.  But 14 years later, I have to ask myself,  could Tim really have done this?  And if so, how?

Our investigative journalist have been busy digging up more information on the exact details of what happened, where it happened and how it happened.   For the past 14 years I've been in/out of contact with a mutual friend, Yuko, who somehow got involved with these four men and the logistics of renting an apartment in Japan.  We'll get back to her relationship with these 4 men later, but she claims Tim collected 262,350 Japanese Yen:

i want to to tell you about the deposit money which you worried.
on wednesday night i recievede a letter from the real estates
and there was infomation about it.
the amount of money which you can recieve is ¥262350
details are following...
change tatami mat -¥34650 (They didn't mention it to me before though...)
room cleaning -¥52500
repair　water　pipe　-¥10500
the money they kept as ur deposit is ¥360000
so, 360000-97650=¥２６２３５０

Maybe there are people out there that claim they have seen Tim take hold of this money.  Maybe there are even people out there who have spent some of this money with Tim.

Then there is the Yoshie checkbook ledger . . . next time, as we delve into the Missing Deposit, one story, told year by year.

Did Tim assume Debt Forgiveness?

 

Another possibility in uncovering Tim's unreturned 2001-2 Tokyo deposit is that he assumed his three former roommates had formally proclaimed Debt Forgiveness of this deposit. Let's explore this point in more detail.

First, what is "Debt Forgiveness?" According to WiseGeek, it "is the process of writing off all or a portion of a debtor’s outstanding debt. Forgiving debt may take place in order to minimize the amount of loss incurred by a lender due to defaults. The process has also been used to help bolster the economy of a nation by other countries choosing to write off debt associated with resources borrowed in years past." This is also known as "Debt Relief,"or "the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. From antiquity through the 19th century, it refers to domestic debts, in particular agricultural debts and freeing of debt slaves. In the late 20th century, it came to refer primarily to Third World debt, which started exploding with the Latin American debt crisis (Mexico 1982, etc.). In the early 21st century, it is of increased applicability to individuals in developed countries, due to credit bubbles and housing bubbles."

However, Tim's three former roommates at no time even suggested  the idea of Debt Forgiveness (or Debt Relief), let alone to formally issue such a protocol stipulating this was in effect. Indeed, on the last meeting with Tim in 2010 at a Japanese public bath, Tim actively reminded the three about the owed money and diligently collected their postal addresses so as to send it. Such a conversation would in no way suggest a policy of Debt Forgiveness had been either granted or assumed.

Secondly, there is no reason one can find for mandating Debt Forgiveness (or Debt Relief). The rooming situation in southern Tokyo has no relation to past slavery, abuse, genocide, housing (or credit) bubbles, or economic disparity between richer and poor nations, where the term is more commonly used. Tim had no more pressing needs to the roughly US $3000 (see here) than his other three contemporaries, so it does not make any sense that he would assume or seek Debt Forgiveness (or Debt Relief).

A spiritual justification?

As much as we would like our money back, we cannot completely rule out the possibility that Tim feels he has been justified in keeping out money. Perhaps he was seized with Biblical inspiration.

2 Timothy Chapter 1 Verse 14,

By the Holy Spirit who dwells within us, guard the good deposit entrusted to you.

Who knows how such a strongly worded passage written by his namesake could have affected Tim. 2 Timothy continues in verses 15-18,

You know that everyone in the province of Asia has deserted me, including Phygelus and Hermogenes. May the Lord show mercy to the household of Onesiphorus, because he often refreshed me and was not ashamed of my chains. On the contrary, when he was in Rome, he searched hard for me until he found me. May the Lord grant that he will find mercy from the Lord on that day! You know very well in how many ways he helped me in Ephesus.

We don't pretend to understand this passage, but the reference to being deserted by everyone in Asia could be significant. Then there is the part about searching in Rome. Is that a clue? Who are Phygelus, Hermogenes, Onesiphorus? This needs to be investigated further. 

The Toadies

In Tamachi, this song was how we best expressed the bonds that guided our living experience. Whatever else was happening, this song always brought us together and reminded us of our shared frequency. If music was ever a medium to re-establish our special connection from a decade and a half ago, this song would do it. By posting this song here, we sincerely hope Tim will be moved to remember his financial obligation and economic commitment.

How much are we owed?

This is not a simple question. First of all, we don't remember. Second, some of us got some of the deposit money back, but different amounts at different times. Third, even if we did know the exact figure(s), how do we figure in exchange rates and inflation or deflation? And fourth, should we expect interest on the money?

Let's tackle these one by one.

1. Even though we don't remember, let's try to figure it out. The original deposit on the apartment was 2 months rent, at 180,000 yen per month. So that's 360,000 yen, or 90,000 yen per person.

2. Even if 90,000 yen was the original amount, it's completely unclear who got back what when, so let's skip to the next one.

3. Exchange rates: tricky. During 2002, the yen varied in value from about 115 to 135 per dollar, which would mean 90,000 yen could be worth anywhere from $782 to $666. Let's split the difference and call it $724, which is actually fairly close to what 90,000 yen is worth at today's exchange rate ($758). Ok, then what about inflation/deflation? Well, during that time the US experienced mild inflation and Japan had mild deflation. Let's call it even. So, scientifically hypothetically, Tim owes each of us $724. Only that was 13 years ago. If Tim had invested it, what would it be worth today?

4. In mid-2002, the S&P500 was at about 975. Today it closed at 2,105, a 216% increase. If Tim invested our money in an S&P500 fund, our $724 would be worth $1,563. Of course, there are myriad investments he could have taken. If he had invested in Washington Mutual, for example, our deposit money would have been wiped out in the Global Economic Meltdown. But even a ultraconservative investment in a 3% CD would be worth $1,069 today.

Ben Folds Five puts it a bit harsher than we would, but the main message is the same:

The Collapse of Washington Mutual

 

In 2010 and while naked together at a southern Tokyo sento (public bath), Tim shared that he had been set to send us our deposit money in 2008 , but was unable to do so because of the Global Economic Meltdown and specifically the collapse of Washington Mutual. Tim's story checked out. As this September Wall Street Journal article reported, Washington Mutual was indeed sold to J.P. Morgan, which prevented Tim from following through on his commitment to reinburse our share of the deposit. It was called the "largest failure in banking history," and it caused us to wait yet more years for this money to be returned.

Before the Deposit was Withheld

Tim's tool of choice for slapping people in the face.

One of Tim's many friends in Japan.

It's April 16 2015 and we still haven't received our deposit money back from Tim

This is the first post in our decades-long odyssey to receive our deposit money from Tim.