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Sumitomo Corp

BUSINESS
June 19, 1996 | From Associated Press
Forklifts prowl stadium-sized warehouses full of 8-foot stacks of copper plates. With their rippled edges, the plates resemble yard-square postage stamps. In Long Beach, on former farm land flanked by freeways, rail lines and stucco tract homes, Metropolitan International Trade Services stores the metal that is central to the scandal that has cost trading giant Sumitomo Corp. at least $1.8 billion. Bundles of plates are matched by numbers to warrants, each representing 25 tons of copper.
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BUSINESS
June 19, 1996 | From Times Wire Services
Federal prosecutors in New York joined the ranks of agencies investigating former Sumitomo Corp. copper trader Yasuo Hamanaka. The U.S. attorney's office in Manhattan has subpoenaed a New York metals trading firm that dealt frequently with the powerful trader, a spokesman for the metals broker said Tuesday. The new investigation means that six agencies in the United States, Britain and Japan are investigating Sumitomo in the wake of its stunning announcement last week that it faces about $1.
BUSINESS
June 18, 1996 | From Times Wire Services
Investigators have widened their probe of Sumitomo Corp.'s $1.8-billion loss to encompass all firms the Japanese metals giant dealt with in the copper market, the Commodity Futures Trading Commission said Monday. The investigation intensified amid disclosures that questions about the scandal's central figure were raised more than five years ago by another copper trader, David L. Threlkeld.
BUSINESS
June 15, 1996 | JAMES F. PELTZ, TIMES STAFF WRITER
Copper prices on Friday plunged 10% to their lowest level in two years after the shocking announcement that the world's premier copper trader allegedly lost $1.8 billion for Japan's giant Sumitomo Corp. in a decade of unauthorized dealings. Meanwhile, regulators and analysts began asking how one trader could dominate one market, and the chief regulator of U.S. futures markets criticized Sumitomo's lack of oversight. Authorities here and in Britain put the matter under further review.
BUSINESS
June 15, 1996 | From Times Wire Services
Known as "Mr. Five Percent" and "The Hammer," Yasuo Hamanaka was able to sway world copper markets with his decisions to buy or sell. But none of his coups was as surprising as the announcement that his decisions had also lost his company, Sumitomo Corp., at least $1.8 billion over the last 10 years.
BUSINESS
June 14, 1996 | DAVID HOLLEY, TIMES STAFF WRITER
In another global trading scandal, the huge Japanese trading firm Sumitomo Corp. announced Thursday it has discovered "significant unreported losses"--estimated at $1.8 billion--from 10 years of unauthorized trading by its former head of copper trading. The Sumitomo fiasco appeared to be the biggest case yet in a string of losses by rogue traders, exceeding in size two similar scandals that erupted last year at Japan's Daiwa Bank and Britain's Barings.
BUSINESS
June 14, 1996 | From Associated Press
The roots of Sumitomo Corp., now embroiled in scandal over huge losses by a rogue copper trader, go back to the 17th century, when it was, ironically, a copper producer and refiner. The House of Sumitomo was founded by Masatomo Sumitomo, a warrior-turned-monk who gave up the monastic life to begin a medicine and bookstore business. Once established, he learned a European-perfected copper-refining technique.
CALIFORNIA | LOCAL
April 14, 1994 | HENRY CHU, TIMES STAFF WRITER
Less than one-fifth of the way into their expected life spans, more than 15% of the gearboxes on Metro Blue Line cars have failed, forcing the cash-strapped Metropolitan Transportation Authority to buy new parts and overhaul equipment, officials said Tuesday. Of 230 gearboxes, 38 have broken down much sooner than expected--some of them after only 48,000 miles of service. That is less than 5% of the 1-million-mile standard specified in MTA's contract with the car manufacturer, Sumitomo Corp.
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