My Billion Dollar Education: Inside the Mind of a Rogue Trader

by Toshihide Iguchi

The true untold story of a rogue trader, whose decision to right a wrong ignited a series of political maneuvering by American and Japanese officials, leading to the expulsion of a major Japanese bank from the U.S. Toshihide Iguchi, formerly an Executive VP and U.S. Government Bond trader at Daiwa Bank's New York Branch, was responsible for $1.1 billion in unauthorized trading losses accumulated over a period of 12 years beginning in 1983. At 18, Toshihide Iguchi came to the U.S. with high hopes. Graduating from college in Missouri, marrying a St. Louis girl, and landing a promising job at Daiwa Bank in New York, he was ready to embark on his American dream. Unbeknownst to him, a storm of unprecedented financial deregulation on both sides of the Pacific was about to rage... Twelve years later, he found himself in the maximum security ward of a Manhattan jail, surrounded by Arab terrorists and a Mafia boss. The trader looks back on his psychological struggles and redemption, which gave him valuable insight in helping others to prevent future billion dollar trading losses.

335 pages, Kindle Edition

First published April 26, 2014

About the author

Toshihide Iguchi has authored seven books in both the fiction and non-fiction genre. His book, Confession, was written from a maximum security solitary cell in a Manhattan jail, and became a #1 bestseller in Japan.

His latest book, My Billion Dollar Education, was published in April, 2014 and tells the true story of a rogue trader, whose decision to right a wrong ignited a series of political maneuvering by American and Japanese officials, leading to the expulsion of a major Japanese bank from the U.S. The trader looks back on his psychological struggles and redemption, which gave him valuable insight in helping others to prevent future billion dollar trading losses.

He currently resides in Japan and continues to write and speak on the topics of rogue trading, the psychology of traders, and the role of banks and regulators in managing risk.

Learn more about the author at www.toshihideiguchi.com

Reviews

[Globalgal007 · Rating 5 out of 5]

Having been in the securities industry for 20 years, I found Iguchi's story fascinating. Unlike so many Wall Street tales, this one has redemption. He describes his 12-year ordeal of hiding his $1.1 billion trading loss, the failed internal controls and attempted cover-up by his employer, Daiwa Bank, the dichotomy of American and Japanese business culture, how corporate culture affects the actions of its employees, the greed of the U.S. justice system, common rogue 'myths' as he calls them, and the psychological/emotional side of trading. He makes a case for decriminalizing rogue trading and offers suggestions to the industry to end rogue situations. All the while he peppers in some humor, sarcasm, and irony. A great read. I couldn't put it down.

[Fumiko · Rating 4 out of 5]

Minus one star for the editing. My first book written by a so-called rogue trader (there's got to be a better term than this); I, too, couldn't put it down.
Although I have many questions for the author about what I thought were contradictions in how he rationalized the decisions he made and how his principles guided or didn't guide him, it was a thought-provoking example about how one assesses risk and reward--whether he be a trader, executive, attorney, or regulator--and the biases that can screw up that assessment from the core.
I might've gotten more out of this book if I'd finished reading "Thinking, Fast and Slow" so I'm going back to Kahneman.