How a 28 Year Old Man Destroyed England’s Oldest Bank
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Publicado 2021-08-04
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Sources:
ethicsunwrapped.utexas.edu/case-study/collapse-bar…
www.nationalgeographic.org/thisday/jan17/kobe-eart….
www.cnbc.com/2020/02/26/barings-collapse-25-years-…
• Nick Leeson and the Fall of the Barin...
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Producer: Dagogo Altraide
Todos los comentarios (21)
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This has got to be your best episode yet! Relatively unknown to younger people, captivating until the end, multiple twists and narrated well 👌
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Dammit. I'm nearly 29 and I haven't even destroyed a small bank.
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Pretty sure he’s a top tier narcissist. “I can recover a billion dollars” “my boss was stupid to trust me, it’s not my fault lol”
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I remember this. It wasn't a victimless crime. Don't let the vast sums of money distract from the fact that many 'ordinary' people lost money they hoped to retire on.
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The most shocking part is undoubtedly the total lack of responsibility or regret Leeson shows. As if other people being incompetent or not diligent were an acceptable excuse to commit fraud. It's horrendous to see he has no empathy for the other employees who lost their job or for the savings that were lost. Kind of a summary of what's wrong with trading
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Imagine sending 75% or your bank's capital to a 28 years old trader on the opposite of the globe... peak comedy
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Years ago I read a book about the home mortgage collapse. One thing that stood out was a statement made by a successful trader. He said "the biggest mistake people can make is to assume that a person holding a high position with decades of experience actually knows what they're doing."
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I was working at Barings at this time, as a contractor in IT. I'd just been offered a permanent role when Leeson's scams broke the Bank. It was the most surreal situation I've ever lived through. The saddest thing was the amount of good people (who had nothing to do with Leeson's scams) who lost their jobs because of what he'd done.
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Without denying the fact that the bank has fucked up majorly, it would be wrong to deny that Nick Leeson is a psychopath. He literally blames the bank for letting him get away with the crime.
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"he was a confident but unimpressive student" - describes more people in finance than you will ever believe.....
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That supervisor of Morgan Stanley made the decision of his life not to hire Nick.
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This. THIS sums up our society. A parasite causes massive damage, but instead of punishing him, we make him a celebrity.
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It’s so crazy to me that he can ruin so many lives and he only gets 6 years in prison, imagine all those pension funds all those jobs all that money stolen. And he served four years? Amazing
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This is like 95% the bank's management fault. If one employee, non-executive as well, can bring you down, there is something wrong with your company.
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9:43 Missed opportunity to say “He had not learnt his Leeson.”
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There is movie called Rogue Trader starring Ewen McGregor about this story, it's good. We should remember a lot of these older institutions in Britain were employing people who did not necessarily have any skills they were just part of the upper class and got jobs through connections.
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The biggest devastation was the loss of pensions. My great-uncle lost his private pension overnight that he'd been paying into since he was 16 and spent the rest of his life surviving on government pension.
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17:25. So a single clerk in Singapore found out about his scam and brought it all down. This one guy outperformed all those teams of highly paid UK auditors and incompetent London execs who just gave him the money. Amazing. Should have put this unnamed clerk in charge.
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I remember this one. After ING bought bankrupt Barings, my cousin was flown in to London to make sense of the mess. The moment he landed the British authorities took away his passport so he wouldn't leave the UK unnoticed ....
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I was a teacher at the school Leeson attended, although by that time he was a former pupil. We came in one morning to hordes of reporters hanging around the premises trying to get a salacious quote about him from just about anybody. His maths teacher described him as ‚no intellectual‘.
