Nick Leeson, 56, is the “rogue trader” who broke Barings Bank.
Nick Leeson was extradited from Germany and spent four years in Singapore's Changi prison for fraudulently racking up an £830m loss - JIMIN LAI/AFP via Getty ImagesIn 1995, he was imprisoned in a Singapore jail, serving four years and four months for fraudulently racking up losses of around £830m. This was enough to cause the 233-year-old bank, whose customers included Queen Elizabeth II, to collapse.
There wasn’t any snobbery, no working class, middle class or blue-blood divide. Everyone just wanted to make the most of their opportunity. I was very hard working, keen and accurate. The ethos was if you were all these things you’d achieve.There were lots of opportunities to move between the banks operating in the Square Mile back then. I’d spent two years at Coutts, moved to Morgan Stanley, and then Barings to work in their Far East futures and options market, ending up in Singapore.
I was seeing people put losses into an error account and “warehousing” it for a few hours or maybe a couple of days, then skimming a little off the next good trading to clear the error. You feed on these crumbs, and ignore all the negatives. Of course, the right thing to do is act early, but you’re in denial and convinced you can turn it around.Midnight ExpressChangi prison was new, clean, very strict and it had CCTV everywhere. There was violence between the Triad gangs, but I was socially adept and managed.
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