Word: trader
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Dates: during 1990-1999
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...Sting. The end result, however, was more akin to the farcical Dumb and Dumber. Among the flagrant ruses employed by Daiwa, prosecutors said, was disguising a downtown trading floor as a nondescript storage room during audits by Federal Reserve regulators. But no sooner had the Feds left than the traders reappeared--led by Toshihide Iguchi. It was his dual role as chief bond trader and bookkeeper that ultimately brought the bank to grief by enabling him to rack up $1.1 billion in undisclosed losses from 1984 until his scheme came to light this past summer...
...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 Takemura, whose ministry had also learned of Iguchi's crimes but delayed informing Washington. Takemura expressed regret for the delay and promised...
...PRESIDENT KNOW, AND WHEN DID HE know it? That famous line of inquiry from the Watergate prosecution that resulted in the resignation of President Richard Nixon bubbled up anew after Britain's venerable Barings Bank collapsed in February: What did senior bank officials know of the dealings of rogue trader Nick Leeson, and when did they know it? Answers to those questions would determine whether the bank, like Nixon, had been party to a cover...
...report issued this July, the Bank of England sifted the evidence and basically concluded that the young Singapore-based futures trader had acted alone, pulling the wool over his superiors' eyes until it was too late to save the bank. But now comes a report from Singapore investigators charging not only that Barings was negligent in its operations, but also that at least some of Leeson's bosses knew or suspected something was badly wrong before the sky fell...
...issue was a ruse whereby Leeson reconciled his year-end accounts in 1994. Both the London and Singapore reports agree that Leeson fabricated a $79 million credit from Spear, Leeds & Kellogg, a New York City-based securities trader, to offset his losses. When Barings' external auditors questioned the entry, Leeson forged faxes from Spear, Leeds & Kellogg, Citibank and one of his superiors in London to show that the money had indeed been paid to Barings. The auditors accepted Leeson's explanation although they failed to notice the words "from Nick and Lisa" printed...