Word: daiwa
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Federal Reserve Chairman Alan Greenspan warned that the U.S. would strictly monitor foreign banks in the wake of the Daiwa and Barings bank scandals. The Fed expelled Daiwa from the United States last month for covering up $1.1 billion in trading losses, while Britain's Barings collapsed amid losses by a single trader. Greenspan told a House Banking subcommittee exploring U.S. regulators' failure to detect the Daiwa losses that stronger internal controls are needed in a complex global banking system in which such internal failures can quickly cause wider financial havoc. "Whenever something like the Daiwa scandal occurs, congressional leaders...
...cracking down on the bank, U.S. officials sought to punish Daiwa without worsening Japan's year-long financial crisis or generating new tensions between the two countries. Just last month the Federal Reserve agreed to help rescue U.S. branches of Japanese banks if a bailout is required. But Treasury Secretary Robert Rubin was furious at Daiwa for waiting six weeks to notify U.S. authorities of Iguchi's illegal activities; the trader told the bank about them in a letter in July. Rubin vented some of that ire last month in a 20-minute phone conversation with Japanese Finance Minister Masayoshi...
...said there was "zero possibility" that Federal Reserve inspectors would find him out if the bank were to buy back some of the Treasury securities that he had illicitly sold to conceal his losses. The same hubris permeated skull sessions that allegedly took place when Iguchi met with a Daiwa managing director from Osaka and the head of the New York branch on July 28 and 29 in Manhattan's Park Lane Hotel. The indictment said the managing director insisted that the cover-up continue until Daiwa could report its financial results for the six months ending Sept...
...went for naught after Daiwa reported Iguchi's activities to Japanese regulators on Aug. 8 and finally told Washington on Sept. 15. "This investigation is continuing," a spokesman for the U.S. Attorney's office in Manhattan acknowledged last week. Wall Street watchers don't doubt it. Their suspicion: Daiwa's Keystone cover-up that failed may have more reels full of capers...
...DAIWA BANK DEPORTED