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Sumitomo Corp

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.
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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.
CALIFORNIA | LOCAL
March 25, 1993
Members of the Los Angeles County Transportation Commission voted unanimously Wednesday to urge a review of the agency's controversial offshore lease arrangement for 54 commuter rail cars. The commission recommended that any conclusions from the review be made public before another proposed lease transaction is authorized.
CALIFORNIA | LOCAL
March 24, 1993 | CLAIRE SPIEGEL and DAVID WILLMAN, TIMES STAFF WRITERS
A business venture that Los Angeles transit officials launched with anonymous Japanese investors in the Cayman Islands came under fire Tuesday from local and federal officeholders. Transit officials contend that by selling and leasing back 54 commuter rail cars through an offshore company, they will generate a $3.4-million windfall for taxpayers.
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