Word: trader
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...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...
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...
...some Wall Street experts said the delay looked suspicious and improper. "That is not acceptable behavior in our view," says Heinz Binggeli, managing director of Emcor Risk Management, a consulting firm. "You don't let two months pass before you shut down the operation." Says the chief government-bond trader for a large Wall Street firm: "This went on undetected for 11 years? Come on, who's kidding whom? It's a joke...
After briefly selling used cars, Iguchi joined Daiwa in New York City and spent eight years handling back-office paperwork for government-bond trading. He was promoted to trader in 1984 and, because the office was a small one, remained in charge of keeping the books. But things took a wrong turn from the get-go when Iguchi lost an estimated $200,000 trading bonds and allegedly recouped it through his illegal scheme. "We had great expectations for him, and so he felt obliged to keep going instead of coming clean," says Kenji Yasui, a Daiwa deputy president...