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Japan's prestigious Daiwa Bank Ltd., accused of covering up a $1.1 billion loss incurred by a rogue trader at its New York branch, was ordered by federal and state regulators to shut down its entire American operation. According to a 24-count criminal indictment, Daiwa officials had known about the losses for two months and took pains to conceal them from U.S. regulators. Among the charges: conspiracy, fraud, obstructing an investigation and falsifying records. If convicted, Daiwa faces fines as high as $1.3 billion.
SCIENCE
BREAST-CANCER GENE LINK
One year after scientists identified an errant gene that causes a rare form of breast cancer, they report that the gene--dubbed BRCA-1--may in fact play a role in most breast cancers. The discovery may lead to new treatments and new ways to predict the disease's course.
--By Kathleen Adams, Melissa August, Janice Horowitz, Lina Lofaro, Belinda Luscombe, Michael Quinn, Jeffery Rubin, Alain Sanders and Steve Wulf