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From rogue trader to after-dinner speaker: the man who broke Barings, 20 years on: Nick Leeson has served his jail sentence, but he doesn't think banking has changed
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From rogue trader to after-dinner speaker: the man who broke Barings, 20 years on: Nick Leeson has served his jail sentence, but he doesn't think banking has changed
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Newspaper Article
From rogue trader to after-dinner speaker: the man who broke Barings, 20 years on: Nick Leeson has served his jail sentence, but he doesn't think banking has changed
2015
Overview
His son \"just took it in his stride\", [Nick Leeson] says. How? \"You know, 'Can I get back on your phone and play Fifa?' or whatever.\" Today marks exactly two decades since Leeson and his then wife, Lisa, fled Singapore after he finally admitted to her that he had \"lost a lot If you're an expert in busts, the past few years haven't been bad for business. \"Strangely so,\" he admits. \"The world of banking is always good to me, because it throws out a bone from time to time by shooting itself in the foot.\" Even among rogue traders, he points out, \"I'm way down there now.\" Kweku Adoboli lost Swiss bank UBS pounds 1.5bn in 2011; three years earlier, Jerome Kerviel holed Societe Generale with losses of pounds 3.7bn. \"pounds 166bn! I lost pounds 862m. So the fines are far outweighing the losses, and still nothing's changing.\" What's the common thread between his fraud and subsequent scandals? Hubris? Greed? \"Everybody keeps away from the word greed, but that's what the industry is about. I don't think you could find a bank that sets themselves a target and, once they get there, is happy with it. They always want to exceed that and go further. It's also extremely competitive, and in my opinion it just is improperly policed.\"
Publisher
Guardian News & Media Limited
Subject
