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My Billion Dollar Education: Inside the Mind of a Rogue Trader, by Toshihide Iguchi
Free PDF My Billion Dollar Education: Inside the Mind of a Rogue Trader, by Toshihide Iguchi
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The true untold story of a rogue trader, whose decision to right a wrong ignited a series of political maneuvering by American and Japanese officials, leading to the expulsion of a major Japanese bank from the U.S.
Toshihide Iguchi, formerly an Executive Vice President and U.S. Government Bond trader at Daiwa Bank's New York Branch, was responsible for $1.1 billion in unauthorized trading losses accumulated over a period of 12 years beginning in 1983.
At 18, Toshihide Iguchi came to the U.S. with high hopes. Graduating from college in Missouri, marrying a St. Louis girl, and landing a promising job at Daiwa Bank in New York, he was ready to embark on his American dream. Unbeknownst to him, a storm of unprecedented financial deregulation on both sides of the Pacific was about to rage...
Twelve years later, he found himself in the maximum security ward of a Manhattan jail, surrounded by Arab terrorists and a Mafia boss.
He describes the patterns and psychology of rogue trading and addresses the core issues.
The book ties in the Daiwa case with more recent rogue trading incidents, debunks common misconceptions of rogue traders and offers solutions to prevent future occurrences.
- Sales Rank: #1144894 in eBooks
- Published on: 2014-04-26
- Released on: 2014-04-26
- Format: Kindle eBook
Review
South China Morning Post - Howard Winn
"...despite his contempt for the hypocrisy he found within the US justice system, the book is dedicated to Edward Stroz, the FBI agent who arrested Iguchi.
"Without his compassion for humanity and dedication to fairness, I would not be here to write this book," ...
This is the stuff of movies."
From the Author
My experiences through one of the most profound rogue trading situations in history has given me valuable insight into the psychology of people--traders, corporate management, banking regulators, auditors, lawyers, judges, etc.
There is nothing special about rogue traders as all traders are potentially rogue traders; except that most of them can't hide their losses because of the tight internal controls at their institutions. Those institutions with cracks in their controls are what I call, 'rogue institutions'. Cracks that can only be identified by traders and not by management.
My mission now is to educate the public on what rogue trading is all about by dispelling the myths surrounding it so that we will not see another unfortunate event of rogue trading. Calling 'rogue traders' bad apples precludes the discussion about the real cause of the incidents, while institutions continue to set corporate culture which prioritize profit over risk.
From the Back Cover
The untold story of a rogue trader, whose decision to right a wrong ignited a series of political maneuvering by American and Japanese officials, leading to the expulsion of a major Japanese bank from the U.S.
At 18, Toshihide Iguchi came to the U.S. with high hopes. Graduating from college in Missouri, marrying a St. Louis girl, and landing a promising job at Daiwa Bank in New York, he was ready to embark on his American dream. Unbeknownst to him, a storm of unprecedented financial deregulation on both sides of the Pacific was about to rage... Twelve years later, he found himself in the maximum security ward of a Manhattan jail, surrounded by Arab terrorists and a Mafia boss.
The trader looks back on his psychological struggles and redemption, which gave him valuable insight in helping others to prevent future billion dollar trading losses.
Most helpful customer reviews
5 of 5 people found the following review helpful.
It could have happened to anyone
By William Cashman
I picked up this book by Toshihide Iguchi out of idle curiosity, not intending to read it, but something pulled me in and I could not put it down. This man had been portrayed as simply a crook in the press at the time of his arrest, but the book painted an entirely different situation: a man caught in a kind of mechanical/cultural grinder put together from bits and pieces of uncontrolled financial expansion bonded together with snippets and oozings of incompetence and greed. I can't imagine the tortune the author must have experienced as he was swallowed into a nightmare, partially of his own making. Betrayal followed betrayal to thwart each effort to climb out--the very notion of freedom became a mockery. This is the kind of story whose frequency is unknown because usually its protagonist is crushed into complete silence, a fate the author avoided by a spark of caring and love he was able to nurture into a flame sufficient to keep him alive and kicking. I came away shaken, having learned two invaluable lessons: on the one hand, love makes anything tolerable, no matter how bad; and on the other, situations like this will only become more frequent and dangerous as we rush outward into unregulated territory with only our childhood illusions to guide us.
William Cashman
1 of 1 people found the following review helpful.
The best Rogue Trader book I've read
By Raymond But
This is a very well written book describing in great details of the long event the writer had suffered, written in a most unbiased attitude as I can imagine. (I've also read the Rogue Trader book of the Barings as well as the book about Soc Gen case). I find that the writer has put in great effort too set the scene and the economic and political development during the material time in a very logical sense and obviously has also put in a lot of thoughts to help the general readers to understand the problems he started and how he was dealing with them. I find it enjoyable to learn about not just the "Inside the Mind of a Rogue Trader" but also the historical development of the financial industry and the regulatory regime within Japan and the US, the politics and irony in his prosecution and the penalty received, the hell and heaven experience of his remand prison term being locked up in the prison hole with the most dangerous felons vs his remainder actual prison term in the Allenwood Prison Camp that he described "If not for the felon convicted label, I would recommend spending two years there".
Traders in Financial Institutions and people who are supposed to supervise them should read this book and also for those whose business is to conduct audit or risk management would probably enjoy reading this book too.
0 of 0 people found the following review helpful.
haha pretty
By Elise Fraser
I knew the guy! haha pretty true
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