Why commodity traders are fleeing the business bloomberg. Hamanaka points the finger at former sumitomo boss wsj. The companys former chief copper trader, yasuo hamanaka, has been accused of causing the losses. Copper, and the magnitude of his losses with the japanese trading company sumitomo. Pdf on dec 1, 2015, karin van wingerde and others published we are all going to be rich. Yasuo hamanaka, whose allegedly illicit copper trades at sumitomo corp. New york regulators could find it difficult to prove in court that yasuo hamanaka, sumitomo corp. Hamanaka, who lives in the tokyo suburb of kawasaki, said he planned to start working again in a matter of. 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. Nickel relives the failed attempt by the hunt brothers to corner silver. For several decades now, wealthy organizations and people have had the misfortune of finding. Exsumitomo trader will plead guilty, his attorney says. The 5% there is still a sense of mystery surrounding yasuo hamanaka, a. Yasuo hamanaka, hamanaka yasuo born 1950 was the chief copper trader at sumitomo corporation, one of the largest trading companies in japan.
Nickel relives the failed attempt by the hunt brothers to. Yasuo hamanaka, hamanaka yasuo born 1950 was the chief copper trader at. The wheels came off for the dealer, yasuo hamanaka, in. Attorney for former sumitomo corp copper trader yasuo hamanaka says his client will plead guilty to forging names of his superiors on documents. Sumitomo head of commodity trading, yasuo hamanaka. In 1996, sumitomos chief copper trader, yasuo hamanaka, confessed to. Joseph jett, yasuo hamanaka, toshihide iguchi and nicholas leeson have a lot in common with the wild west at least according to. Sumitomo copper trader seized on forgery count the new. Figure from lme sumitomo scandal returns financial times. The name can also be written in hiragana or katakana. Hamanaka accused of getting a rebate while at sumitomo wsj. Five percent because that is how much of the worlds yearly supply he controlled. Yasuo can be written using different kanji characters and can mean. Yasuo hamanaka, a 48yearold copper trader from tokyo, will go down in.
How to lose money in derivatives lse research online. Yasuo hamanaka was one of the most popular copper traders in the world during the 1980s and early 1990s. Derivative dangers years before the current economic crisis, former derivatives trader frank partnoy warned about the dangers. A beginners guide to indian commodity futures markets madhyam.
This page or section lists people that share the same given name. How teachers and students can make the quick transition to online learning. To order reprints of this article, please contact dewey palmieri at dpalmieriat or 2122243675. 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. Hamanaka s exit as sumitomos head copper trader ended what many people thought was a major prop under the market, william oneill, director. Previously he was the business editor of the sydney morning herald and the age, overseeing awardwinning business coverage and driving. Yasuo hamanaka was jailed for eight years for fraud and forgery in 1997 after the onetime king of the copper market was found to. If an internal link led you here, you may wish to change that link to point directly to the.