Word: scandalizing
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Dates: during 1990-1999
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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...
...Tokyo the scandal threatened to complicate efforts to ease the three-year banking crisis and rescue eight housing lenders that are wobbling beneath $84 billion of bad real estate loans. Just last week a government report urged the use of taxpayer funds to bail out the banking system. That outraged critics like Hatsuko Yoshioka, the head of Japan's powerful Housewives' Association, an umbrella organization of 391 women's civic groups. Yoshioka wants major banks like Daiwa to commit some of their vast resources to shoring up ailing banks and housing lenders. Says she: "Daiwa Bank, although it lost...
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...
Bradlee, who worked for the Post from 1968 to 1991, was executive editor of the paper during the Watergate scandal. He recently published a memoir entitled A Good Life, in which he his life as an undergraduate during World War II and his sensational career at the Post...
...comparison, the 1994-95 year was relatively scandal-free for the council...