Word: daiwa
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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...
...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...
Japan's financial community is reeling after it was discovered Tuesday that a trader for Daiwa Bank lost more than $1 billion on bond transactions. "In financial terms, it isn't the worst thing that could have happened," says New York bureau chief John Moody. "But the embarassment is significant and the timing could not have been worse, because there is a very shaky feeling right now in the Japanese financial community." Toshihide Iguchi, an executive with Daiwa's New York office, has been charged with falsifying records in connection with $1.1 billion in losses for the Japanese bank...
...agreement to lower the trade imbalance between the two countries would be reached soon. Their optimism notwithstanding, the dollar fell yet again against the yen to close at 99.40 -- below the psychologically important level of 100 yen. The reason? Ross Taylor, senior vice president of the Japanese bank Daiwa America, told TIME Daily: government figures this week will show that the trade gap widened in June. Moreover, Taylor says, the U.S. is expected to react to this bad news by devaluing its own currency, making American goods cheaper, and more attractive, to the Japanese...
Nomura would not be so ambitious overseas were it not for its enormous strength at home. It offers a full roster of investment services, including underwriting, money management and research. Nomura handles nearly 17% of all stock trades in Japan; its nearest rival, Daiwa Securities, has a 12% share of the market. Nomura claims an equally commanding slice of the bond market, 19%, vs. 12% for Daiwa. Nomura and Daiwa, along with Nikko Securities and Yamaichi Securities, are known in Japan as the Big Four. Says a Nomura director, with a mix of arrogance and pride: "It's not really...