Discussion in 'Wall St. News' started by a529612, Mar 7, 2007.
Ugly American's talked a little bit about Nick Leeson's trading. The main characters in Ugly American's in fact were clearing his trades. A part of UA was talking about the mysterious Mr X who kept buying up the nekkei. Fabulous book, i read it in under 24 hours. Literally could not put the book down. Should be made into a movie. Great great book.
Who do you think the zodiac killer was,and why
I enjoyed Ugly Americans. The main character runs a fund in hawaii.
BBC radio reunited Leeson and some Barings people to revisit the collapse together sometime back in 2011:
In the first of a new series of The Reunion, Sue MacGregor reunites Nick Leeson, the man who broke Barings bank, with his colleagues and former boss, Peter Norris.
On the 26th February 1995, a pillar of the British financial and social establishment suddenly came crashing to the ground as Britain's oldest merchant bank went bust with debts of £830 million.
Barings Bank had financed Napoleon, been immortalised by Byron, and held accounts for The Queen and many in the aristocracy. Barings had stood aloof, a symbol of discreet grandeur and probity since 1762. But now Britain's oldest merchant bank was bust, and the architect of destruction was Nicolas Leeson, a plaster's son from Watford.
He was Barings star trader on the Singapore International Monetary Exchange and regularly reported huge profits to his delighted bosses. The truth was that he was losing Barings and their customers hundreds of millions of pounds which he' d been hiding in a secret account.
As company auditors eventually closed in, Leeson fled Singapore with his wife Lisa. Back in London that weekend, frantic efforts were being made to save Barings and the whole banking sector from meltdown before the markets opened on Monday morning.
For the first time since 1995 rogue trader Nick Lesson will publicly face his former boss Peter Norris - now a senior figure in the Virgin Group - who presided over the investment department in which Leeson traded secretly for years before the bank's eventual collapse.
Also joining Sue will be Andrea Leadsom MP, who in 1995 managed a team of bankers at Barclays who supplied finance for Barings investments, Nicholas Edwards then an investment banker with Barings in London, the administrator of Barings Alan Bloom, and John Gapper of the FT.
Producers: Peter Curran and David Prest
A Whistledown production for BBC Radio 4.
Because of his notoriety and given that we live in twitter, instagram and 15 minutes of fame environment, I bet Leeson is able to raise funds from investors.
Nobody in their right mind would entrust him with their capital. The guy traded as an amateur against market's direction, lied and withheld information and then ran as a scaredy cat. No chance.
I'm sure Leeson knew how to trade. What happened here was a multitude of things: Kobe earthquake, not taking the loss and telling someone, no adequate risk control or checks and balances at the bank, and an ensuing lie so big he was absolutely committed to the lie at that point. None of it is excusable but its an interesting study in psychology rather than trading.
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