Yes, rogue trading is a crime

Why Toshihide Iguchi, who covered up $1.1bn of losses over 12 years, is wrong to argue that the best remedy against rogue trading is to decriminalize it.

Toshihide Iguchi, a rogue trader who once lost $1.1 billion at Daiwa Bank, is arguing in a new memoir that rogue trading should not be treated as a crime. Iguchi served four years in a US prison in the 1990s he says the best way to bring rogues out of their shadows is to reward traders who come forward, not threaten them with jail terms.

He’s wrong.

Iguchi argues that rogue traders are not in the same league as fraudsters such as Bernie Madoff because they are not trying to enrich themselves they are digging themselves out of a hole.

He cites his own...

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