ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, February 7, 1996 TAG: 9602070040
SECTION: BUSINESS PAGE: C-8 EDITION: METRO
Daiwa managers may testify in Japan
NEW YORK - The president of Daiwa Bank Ltd. and other senior managers were named Tuesday as witnesses for the bank's defense against criminal charges that it hid $1.1 billion in trading losses from U.S. authorities.
Daiwa's lawyers said in a court filing that they want to take videotaped testimony in Japan from President Takashi Kaiho, deputy presidents Toshiro Kawakami and Kazuya Sunahara and eight other current and former Daiwa employees. The witnesses all live in Japan, and Daiwa contends that they won't testify in the United States for fear U.S. authorities will detain or arrest them.
Daiwa's trial was set to begin March 6 on charges of conspiring with a New York bond trader to conceal the losses from regulators. The bank pleaded innocent to a 24-count federal indictment in November.
- Associated Press
Lending policies getting tighter
WASHINGTON - Many banks are making it harder for consumers to get auto loans and qualify for credit cards, the Federal Reserve Board reported Tuesday in a survey of lending officers.
The Fed's periodic survey of senior loan officers at 82 banks around the country showed a heightened conservatism in granting loans, particularly to individuals. About 25 percent of the banks imposed tougher standards during the past three months for approving new credit card customers, and tougher policies for auto loans were reported by 17 percent of the lenders.
The survey said the bankers cited ``increased delinquency rates, increased household debt burdens, an increased willingness of households to declare bankruptcy, and a less favorable economic outlook,'' in explaining their tougher standards.
- Los Angeles Times
Briefly ...
Rick Crockett has opened Commonwealth Used Equipment Inc. in western Bedford County. The company, specializing in sales and rentals of material handling equipment, is a dealer-authorized representative for new Nissan forklifts.
Smith Barney Inc. is considering firing some employees in its 600-member investment banking unit after the ouster of Chairman Robert Greenhill and the departure of one of his key lieutenants. An announcement could come this week, employees at the second-largest U.S. brokerage firm said.
LENGTH: Medium: 53 linesby CNB