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My Billion Dollar Education: Inside the Mind of a Rogue Trader
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
4 books1 followerToshihide 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
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
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Displaying 1 - 3 of 3 reviews
March 3, 2026
This was an interesting book based on a true story of a trading loss of $1.1 billion at Daiwa bank - it gave a lot of insights in the psyche of a rogue trader. It’s interesting that the loss started with just $70,000 which ballooned into $1.1b loss over a period of 12 years. The trader was only motivated by a desire to cover his losses and paid a hefty price for it. His personal life fell apart and he got a divorce from his wife while his kids got into drugs due to neglect. He was continuously at his desk at fear of being found out and didn’t really enjoy any part of those 12 years or his indictment later.
There is also a lot of interesting economic commentary on Japan post World War II write up to the early 2000s. In 1960s Japan was where China is now- “made in japan” was a cheap label which of course was overturned by a massive manufacturing and export boom. The trade surplus led to the Plaza accord and the huge jpy appreciation led to a cut of interest rates to zero and monetary flooding leading to stock market boom and eventually the bust.
There is also a lot of insights into Japan culture and the Japanese brand of capitalism. There’s a description of how Japanese corporates started cross- shareholding to avoid any foreign acquisitions. Ministry of finance allowed a percentage of unrealized stock gain to be used as bank capital, which made banks and ultimately the corporates hostage to the stock markets. There is also a lot of description about how in Japanese culture employees and customers came before shareholders, loyalty of employees to the organization and not to the individual unlike in the West.
There are also description of the political under currents in which Daiwa bank and the trader got caught - ultimately leading to really severe criminal indictment and harsh fines.
There is also a lot of interesting economic commentary on Japan post World War II write up to the early 2000s. In 1960s Japan was where China is now- “made in japan” was a cheap label which of course was overturned by a massive manufacturing and export boom. The trade surplus led to the Plaza accord and the huge jpy appreciation led to a cut of interest rates to zero and monetary flooding leading to stock market boom and eventually the bust.
There is also a lot of insights into Japan culture and the Japanese brand of capitalism. There’s a description of how Japanese corporates started cross- shareholding to avoid any foreign acquisitions. Ministry of finance allowed a percentage of unrealized stock gain to be used as bank capital, which made banks and ultimately the corporates hostage to the stock markets. There is also a lot of description about how in Japanese culture employees and customers came before shareholders, loyalty of employees to the organization and not to the individual unlike in the West.
There are also description of the political under currents in which Daiwa bank and the trader got caught - ultimately leading to really severe criminal indictment and harsh fines.
June 7, 2014
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.
September 2, 2016
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.
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.
Displaying 1 - 3 of 3 reviews