Hamanaka, who lives in the tokyo suburb of kawasaki, said he planned to start working again in a matter of. For several decades now, wealthy organizations and people have had the misfortune of finding. This page or section lists people that share the same given name. Copper, and the magnitude of his losses with the japanese trading company sumitomo. Derivative dangers years before the current economic crisis, former derivatives trader frank partnoy warned about the dangers. Attorney for former sumitomo corp copper trader yasuo hamanaka says his client will plead guilty to forging names of his superiors on documents. Copper because of his aggressive trading style, and as mr. Hamanaka points the finger at former sumitomo boss wsj. Hamanaka s exit as sumitomos head copper trader ended what many people thought was a major prop under the market, william oneill, director. The 5% there is still a sense of mystery surrounding yasuo hamanaka, a. Hamanaka, who lives in the tokyo suburb of kawasaki, said he planned to start working again in a matter of months but wouldnt say whether he intended to.
Sumitomo copper trader seized on forgery count the new. Five percent because that is how much of the worlds yearly supply he controlled. How to lose money in derivatives lse research online. The wheels came off for the dealer, yasuo hamanaka, in. In 1996, sumitomos chief copper trader, yasuo hamanaka, confessed to.
Big financial debacles help perpetuate image of lone rogue. Exsumitomo trader will plead guilty, his attorney says. If an internal link led you here, you may wish to change that link to point directly to the. Joseph jett, yasuo hamanaka, toshihide iguchi and nicholas leeson have a lot in common with the wild west at least according to. To order reprints of this article, please contact dewey palmieri at dpalmieriat or 2122243675. Yasuo hamanaka, whose allegedly illicit copper trades at sumitomo corp. The name can also be written in hiragana or katakana. Yasuo hamanaka, a 48yearold copper trader from tokyo, will go down in. Sumitomo head of commodity trading, yasuo hamanaka. A beginners guide to indian commodity futures markets madhyam. Figure from lme sumitomo scandal returns financial times.
Nickel relives the failed attempt by the hunt brothers to. Yasuo hamanaka was one of the most popular copper traders in the world during the 1980s and early 1990s. Manipulation may be hard to prove in sumitomo case wsj. New york regulators could find it difficult to prove in court that yasuo hamanaka, sumitomo corp. Yasuo hamanaka was jailed for eight years for fraud and forgery in 1997 after the onetime king of the copper market was found to. The companys former chief copper trader, yasuo hamanaka, has been accused of causing the losses. Previously he was the business editor of the sydney morning herald and the age, overseeing awardwinning business coverage and driving. Sumitomo corporation officials authorized accounts handled by the companys former chief copper trader, yasuo hamanaka, a brokerage firm for the japanese trading company said today.
Sumitomo files new complaint against yasuo hamanaka wsj. Yasuo hamanaka aside from trading, levmet is looking to invest in physical mine assets, with discussions under way with a string of artisanal miners in places like zimbabwe and elsewhere in. Yasuo can be written using different kanji characters and can mean. Pdf on dec 1, 2015, karin van wingerde and others published we are all going to be rich. Hamanaka accused of getting a rebate while at sumitomo wsj.
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