Word: leesons
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...spectacular allegations put Iguchi in the company of a rogues' gallery of high rollers accused of vast secret transactions that have rocked their firms in the 1990s, spurring some companies to tighten oversight of trading desks. Iguchi's closest kin in scandal is Nicholas Leeson, the Singapore-based derivatives trader who racked up $1.4 billion in hidden losses that broke Britain's Barings Bank when they came to light last February. Like Leeson, Iguchi was simultaneously in charge of making trades and recording them in his firm's back office--a combination that enabled him to conceal the true nature...
...Like Leeson, Iguchi may have gone unchecked for so long because he regularly reported profits. "This scandal brings to light a culture on Wall Street," says Cohen of Hermes Capital. "In all trading rooms--in banks, in securities firms--when people make money, you leave them alone. No one wants to upset the apple cart." Not until the apples turn out to be rotten...
...been charged with falsifying records in connection with $1.1 billion in losses for the Japanese bank. If convicted, Iguchi faces a maximum sentence of 30 years in prison and $1 million in fines. The incident is reminiscent of the collapse of Barings Bank, where another rogue trader, Nicholas Leeson, caused the collapse of Britain's oldest merchant bank. Thanks to Daiwa's size, it is in no danger of collapsing...
Rogue trader Nick Leeson won't be coming home to England anytime soon. British authorities now say that they will defer to Singapore's jurisdiction and will not extradite Leeson to Britain. As a trader in Singapore, Leeson allegedly caused the collapse of the venerable 232-year old Baring Bros. Bank. TIME's Michael Brunton reports from London: "Leeson has run out of options. Now he's in for a long trial and a longer sentence in Singapore. I guess the David Frost interview didn't work." Leeson is currently being held in a German prison awaiting a decision...
...Nick Leeson,the 28-year-old trader at the center of the collapse of Britain's oldest investment bank, is begging to be tried in London rather than be "thrown to the wolves" at a "show trial" in Singapore, where he allegedly made hundreds of millions in bad trades that bankrupted Baring Bros. Unfortunately for him, the Serious Fraud Office in London said it had no evidence that would justify Leeson's extradition to the United Kingdom. Leeson's wife read his plea, written in the German jail where he now awaits a decision, at a news conference today. Singapore...