As investors, we can rejoice in the work ethic of Asian companies, as well as their inventive technology and presence in some of the world’s greatest growth markets. But there’s one “bad habit” that Asian management just can’t seem to shake and it’s one investors need to look out for: Trying to build businesses in the United States, and devoting huge amounts of shareholder resources in the process.Nomura Holdings Inc. (ADR: NMR), the Japanese investment bank, is a good example of this bad habit. On Tuesday, Nomura reported a loss for the quarter ended June 30 of $770 million (84.3 billion yen) due to a write-down of $575 million (63.1 billion yen) on its exposure to monoline insurance companies. Nomura…

Wells Fargo Jumps 32% on Dividend Hike; Crude Falls $10 in Two Days; Home Building Collapses; Gazprom Threatens to Take Belarus to Court; Gannett’s 2nd Quarter Tumble; SK Telecom Eyes up Sprint?; Time Warner Travels to Seattle; Delta’s $1 Billion Loss Turns to Gains

The world’s largest credit-rating companies say mortgage lenders Fannie Mae (FNM) and Freddie Mac (FRE) have bullet-proof Aaa credit ratings. But Bloomberg says derivatives traders are treating the discount mortgage brokers as if they are rated five levels lower.

And, ominously, the price of contracts used to speculate on the creditworthiness of Fannie Mae and Freddie Mac and to protect against a default doubled in the past two months.

What about the government’s implied guarantee of the debt held by the companies? It seems investor confidence in short supply.

With a wheezing economy that’s struggling with housing and credit problems - as well as a weak dollar - it’s clear the United States won’t be in the investment spotlight this year.

Amid all the gloom investors are feeling right now, South Korea has produced some sunny rays. On April 9, the Asian Tiger suggested that its economy could accelerate and that its stock market could take off.