Word: daiwa
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...jailed banker in a gray, pinstriped suit read those words to U.S. District Judge Michael Mukasey. But Toshihide Iguchi's words last week reverberated far beyond the New York City courtroom. Not only was he pleading guilty to covering up the $1.1 billion in losses he had incurred for Daiwa Bank's New York operations (and personally profiting by more than $500,000). He was also implicating unnamed senior executives at the bank--the world's 13th largest--in a conspiracy with him to keep the catastrophe secret from the U.S. Federal Reserve Board. In London interbank lending rates jumped...
...Japanese government admitted that it knew of the $1.1 billion loss incurred by Daiwa Bank for six weeks before disclosing it to American authorities, an admission that angered U.S. officials and cast doubts on Japan's willingness to cooperate in maintaining global financial security. "If Japan's or any country's regulatory authorities become aware of significant financial issues of concern to the U.S.," said a U.S. Treasury spokesman icily, "we would expect to be fully informed in a timely manner." Daiwa's president resigned his post...
Toshide Iguchi, the former Daiwa Bank bond trader at the center of $1.1 billion in losses, stunned a Manhattan courtroom today by accusing at least two senior Daiwa managers of urging him to continue a coverup as recently as a month ago. "This just keeps getting worse and worse," says New York bureau chief John Moody. "The first thing it will probably affect is the Federal Reserve's plan to buy Treasury bonds from the Japanese. We will look awfully naive using taxpayer money to bail out Japanese banks if those banks are playing games with us. It will also...
Iguchi grew bolder and bolder, reportedly trading as much as $500 million worth of bonds in a single day. But by late 1993, Iguchi was finding it increasingly difficult to dip into Daiwa's bond accounts to make up for losses. That year, Daiwa split up the bond-trading and record-keeping functions in its New York offices. In his letter to bank president Fujita, Iguchi reportedly said the change had made it hard to continue concealing his losses. Yet the very fact that Iguchi kept up the deception for two years more heightened suspicions on Wall Street that someone...
FIRST BARINGS, NOW DAIWA...