Discussion in 'Wall St. News' started by OnClose, Apr 7, 2013.
interesting.. you would think he could never work for a bank again! haha
Just think if he had used TA, that bank would still be in business. He must have been using some other system.... I wonder what system could cause such large losses......
He probably got the same deal as every other securities crime ever settled and didn't have to admit to any wrongdoing.
He had his own system, the Leeson Gambit:
If the market doest move in your direction after you get in, you make it move using all the money you can get you hands on.
Given that his story and system was publicly discussed and is very visible in a movie - why do you wonder, and not educate yourself?
He was prosecuted in Singapore, no cushy deals there.
On 5 April 2007, the Guardian newspaper reported that KPMG, the liquidators of Barings PLC, had sold a trading jacket thought to have been worn by Nick Leeson while trading on SIMEX in Singapore. The jacket was offered for sale on eBay but it failed to reach its reserve price despite a highest bid of Â£16,100. It was subsequently sold for Â£21,000. In October 2007 a similar jacket used by Leeson's team but not thought to have been worn by Leeson himself sold at auction for Â£4,000."
Proof that some people have more money than they know what to do with.
Some trading manager bought it to keep in his office as a reminder of what can go wrong. Probably a good investment for that individual.
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