2. Hamanaka is a lawyer. He is smart, he worked long hours and often late at Sumitomo, he turned down transfers, and he was highly regarded, even winning the President's award. We can therefore assume that he knew what he was doing, and that he was working late for some reason other than being promoted to new positions.

3. Hamanaka granted power of attorney over Sumitomo trading accounts to brokers and effectively lent Sumitomo's debt capacity to third parties. These actions are highly unusual.

4. Hamanaka's pattern of trade became increasingly complex, increasingly large and less transparent. This process accelerated after 1993 though the use of futures, options and swaps. All of these can provide a source of leverage.

5. Hamanaka's volume of trade was primarily through relatively small and newly formed brokerage firms with offshore locations. He represented a large portion of their business and the firms were extremely profitable.

6. Hamanaka was financing his positions through large credit lines and prepayment swaps with major banks. He created a source of liquidity through swaps that could be off balance sheet.

7. Hamanaka is reported to have had the authority to create brokerage accounts, bank accounts, execute loan documents, and authorize cash payments. Normally these require multiple signatures. Traders are never permitted to authorize cash payments.

8. Mr. Hamanaka was transferred to new duties on May 17 while Sumitomo still had a large exposure to copper prices. Prices fell 30% after the reassignment. Hamanaka confessed on June 5 and Sumitomo unwound some positions in the following days. He was fired June 13 and Sumitomo announced a loss of $1.8 billion that they say occurred over ten years.

9. Seven people in connection with the case have been fired, demoted, suspended or resigned for personal reasons. These were either in Sumitomo or in brokerage companies

10. Hamanaka is known to have made only one trip since June 5. This was to London.