{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: WASHINGTON: CONGRESS HEARING INTO DAIWA BANK LOSSES UPDATE' data-url='/boclips/videos/5c54bb8ed8eafeecae125ef0' data-video-url='/boclips/videos/5c54bb8ed8eafeecae125ef0' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUSA: WASHINGTON: CONGRESS HEARING INTO DAIWA BANK LOSSES UPDATE\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatThe Chairman of the U-S Federal Reserve has admitted \"some clues were missed\" in the examination of Daiwa Bank's New York branch  years before it disclosed more than one (b) billion dollars in bond trading losses. Alan...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eThe Chairman of the U-S Federal Reserve has admitted \"some clues were missed\" in the examination of Daiwa Bank's New York branch  years before it disclosed more than one (b) billion dollars in bond trading losses. \u003cbr/\u003eAlan Greenspan made the statement in remarks prepared for his appearance at a Senate banking committee hearing in Washington . \u003cbr/\u003eThe Federal Reserve has come under criticism for failing to detect the looming crisis at Daiwa. \u003cbr/\u003eAt the Senate Banking Committee hearing, lawmakers wanted to know why the Federal Reserve and other regulators did not act sooner. .\u003cbr/\u003eThe Chairman of the Federal Reserve said examiners told Daiwa to fix a number of what he called 'internal control weaknesses' at the bank's New York branch between 1992 and 1994.\u003cbr/\u003eIt was at this time that the bank was running up enormous trading losses.\u003cbr/\u003eThe chairman told the hearing that in the end he acted properly. \u003cbr/\u003e\"The action of the Federal Reserve and other regulatory authorities to terminate the U-S operations of Daiwa was stern, but was taken because action such as Daiwa's carries a threat of significant damage to a major asset of our nation - the integrity of our financial system as you, Mister Chairman, have just pointed out.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, Chairman, US Federal Reserve\u003cbr/\u003eAlan Greenspan sought to reassure Congress that such behaviour by any banking institution would not go unchecked in the future.\u003cbr/\u003e\"Actions such as I have recounted in the Daiwa case cannot be tolerated, the potential cost to our financial system - and hence to our economy - is too large.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, Chairman, US Federal Reserve\u003cbr/\u003eHe did admit, however, that the supervisory bodies in charge of detecting misconduct failed to do so early enough in this case.\u003cbr/\u003e\"None the less, the bottom line is that we did not succeed in unearthing Daiwa's transgressions where we might have.  Hopefully, this event will stiffen our resolve.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, Chairman, US Federal Reserve\u003cbr/\u003eThe Chairman of the congressional hearing, Senator Alfonse D'Amoto, said he was concerned the administration was not taking harsh enough action against Japan.\u003cbr/\u003e\"I'm amazed that the Japanese authorities still have not recognised that a serious mistake was made and the Japanese government has not issued a formal and public apology to our government.  The recent events surrounding Daiwa have clearly eroded the confidence and trust of both the Japanese and American people.\"\u003cbr/\u003eSUPER CAPTION: Senator Alfonse D'Amoto,  Republican, Chairman, Senate Banking Committee\u003cbr/\u003eHowever, he did praise Greenspan for his sanctions, but was sharply critical of the Federal Reserve's failure to detect Daiwa's problems earlier.\u003cbr/\u003eNow, the Federal Reserve is planning new laws to  protect the markets from serious financial misconduct, such as this, in the future.\u003cbr/\u003eThe rogue trader at the centre of the scandal, Toshihide Iguchi, last month pleaded guilty to hiding a one-point-one (b) billion dollar loss over a 12-year-period.\u003cbr/\u003eHe is now awaiting sentencing.\u003cbr/\u003eWashington D.C., 27 November 1995\u003cbr/\u003e1. Interior congress hearing into Daiwa\u003cbr/\u003e2. SOUNDBITE: Greenspan\u003cbr/\u003e3. Congress hearing\u003cbr/\u003e4. SOUNDBITE: Greenspan\u003cbr/\u003e5. Side shot of congress hearing\u003cbr/\u003e6. SOUNDBITE: Greenspan\u003cbr/\u003e7. Wide shot of hearing\u003cbr/\u003e8. SOUNDBITE: Mr D'Amoto, Chairman\u003cbr/\u003e9. 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