Another Billion Dollars Falls Through The Cracks

Last July, Toshihide Iguchi let go of a $1.1 billion secret. Daiwa Bank Ltd.'s Treasury-bond trading chief in New York, a boyish-looking 44-year-old nicknamed "Tosh," mailed a written confession detailing an 11-year chronicle of financial deceit to Daiwa President Akira Fujita in Osaka. Iguchi marked the letter "personal and confidential." But its contents hit the bank's headquarters with the force of a tsunami.

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