The Daiwa Bank Problems: Background and Policy Issues
Description
On November 2, 1995, U.S. banking authorities ordered the Daiwa Bank to close its banking operations in the United States, and a 24-count criminal indictment was issued against it. These actions stem from the bank's admission that Toshihide Iguchi, a rogue trader at its New York branch office, had incurred $1.1 billion in losses over eleven years from trading U.S. Treasury securities and that Daiwa managers had "directed that those losses be concealed" from U.S. regulators.
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Description
On November 2, 1995, U.S. banking authorities ordered the Daiwa Bank to close its banking operations in the United States, and a 24-count criminal indictment was issued against it. These actions stem from the bank's admission that Toshihide Iguchi, a rogue trader at its New York branch office, had incurred $1.1 billion in losses over eleven years from trading U.S. Treasury securities and that Daiwa managers had "directed that those losses be concealed" from U.S. regulators.
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Nanto, Dick K.; Jackson, William D. & Wells, F. Jean.The Daiwa Bank Problems: Background and Policy Issues,
report,
November 30, 1995;
Washington D.C..
(https://digital.library.unt.edu/ark:/67531/metacrs202/:
accessed April 25, 2024),
University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.