The former branch manager of Daiwa Bank Ltd.'s New York office has laid blame for concealing a $1.1 billion loss squarely on senior management of the bank and on Japan's Ministry of Finance.

Masahiro Tsuda last Thursday pleaded guilty in U.S. District Court in Manhattan to charges of conspiring to defraud the United States and the Federal Reserve Board by concealing more than $1 billion of trading losses at the bank.

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