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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Creation Date: November 30, 1995
Partner(s):
UNT Libraries Government Documents Department
Collection(s):
Congressional Research Service Reports
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Place of Publication: Washington D.C., USA
Date(s):
  • Creation: November 30, 1995
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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Partner:
UNT Libraries Government Documents Department
Collection:
Congressional Research Service Reports
Identifier:
Resource Type: Report
Format: Text