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Article: N.Y. Fed denies it knew of Daiwa's rogue trader.(Federal Reserve Bank of New York, Toshihide Iguchi of Daiwa Bank Ltd.)(Brief Article)

Article from:
American Banker
Article date:
October 24, 1995
Author:
Copyright

The president of the New York Federal Reserve Bank and the vice chairman of Daiwa Bank Ltd. met in New York nearly two years before Toshihide Iguchi confessed to hiding $1.1 billion in trading losses.

That much is undisputed.

The New York Times, quoting unnamed senior central bank officials, took the story a step further. It reported last week that New York Fed President William J. McDonough and Daiwa vice chairman Takeshi Ohta discussed Mr. Iguchi's dual role as broker and back-office supervisor at their Oct. 4, 1993, meeting.

If true, that would mean the Fed was aware of trading problems at Daiwa for two years yet did nothing.

The front-page ...

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