Word: traders
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Dates: during 1990-1999
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...Attorney's office in Manhattan. During 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...
...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...
...American businessmen here for a week of bird watching. The other "bird watchers" consist of Steven Galster, an environmental investigator, Anthony Suau, a TIME photographer, and Sergei Shaitarov, a Russian environmentalist who works with Galster. My ludicrously rudimentary disguise consists of a borrowed pair of binoculars. If the tiger trader asks me to name one species of local bird, we are sunk...
When they can't get an analyst, trader or market player to explain the ups and downs, and the janitor at the stock exchange is also busy, they have two choices. The first is to bring Wall Street into it, otherwise known as the market, as in "Wall Street has not been particularly worried about the dollar's slide" (the Times, April 8), or "the market was succumbing to the correction that some economists had been anticipating" (the Journal, April 12). Wall Street and the market are constantly fretting, shrugging off bad news, cheering good news and even looking forward...