Two years ago a reliable source at a well-known institution faxed us a document. As it was difficult to verify its details, we felt it inappropriate to publish it. Now that similar deals are the subject of investigation by Japan’s Financial Supervisory Agency (FSA), it may be useful to give the document an airing.
The document makes clear just how much money derivatives dealers made in Japan by structuring complex bonds and then, when the punts went wrong, helping investors hide their losses.It
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