Word: bonding
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...years before FBI agents nabbed him, Toshihide Iguchi lived the well-ordered life of a Wall Street workaholic in Kinnelon, New Jersey. He rose early and headed to Daiwa Bank's Manhattan office, where he was the trusted head of U.S.-government-bond trading. He took few vacations--and then only several days at a time before rushing back to the office...
...Attorney's office in Manhattan. During those 11 years, the office said, the baby-faced Iguchi made an astronomical 30,000 unauthorized transactions while trying to cover up losses that ultimately ballooned to $1.1 billion. His method was simple: whenever he lost money as a government-bond trader, Iguchi allegedly plucked and sold bonds from Daiwa's own accounts or those of its customers, and then forged documents to make the trades look like authorized transactions. He seemingly sought no gain for himself other than to conceal his losses...
...authorities, some Wall Street experts said the delay looked suspicious and improper. "That is not acceptable behavior in our view," says Heinz Binggeli, managing director of Emcor Risk Management, a consulting firm. "You don't let two months pass before you shut down the operation." Says the chief government-bond trader for a large Wall Street firm: "This went on undetected for 11 years? Come on, who's kidding whom? It's a joke...
After briefly selling used cars, Iguchi joined Daiwa in New York City and spent eight years handling back-office paperwork for government-bond trading. He was promoted to trader in 1984 and, because the office was a small one, remained in charge of keeping the books. But things took a wrong turn from the get-go when Iguchi lost an estimated $200,000 trading bonds and allegedly recouped it through his illegal scheme. "We had great expectations for him, and so he felt obliged to keep going instead of coming clean," says Kenji Yasui, a Daiwa deputy president...
...sounds corny, but I believe in a human bond rather than just a gay bond," Razavilar said. "I want [the BGLSA] to be an organization that is open to everyone. I want to establish a forum for anyone who wants to learn and discuss...