Word: leesons
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Dates: during 1990-1999
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...applaud you for your insightful report on how trader Nicholas Leeson single-handedly brought down Barings, the venerable London-based investment bank [Cover Story, March 13]. You captured the vapid and temporal nature of expatriate high life in Singapore, of which Leeson was a part. Managers of companies dealing in the most sophisticated and arcane financial instruments have to master Basic Management 101. Unless they rein in their employees, another debacle of Barings' magnitude could occur in the near future. Financial regulators should be even stricter in the wake of the disasters associated with derivatives. However, responsibility for the misguided...
...Leeson caper gives capitalism a bad name. It is obscene that a single person can make and lose billions trading in derivatives and futures, an activity with absolutely no redeeming social or productive value whatsoever, while millions of people starve for want of a daily bowl of rice. I have no sympathy for Barings itself, but I do for its small investors. Sally Tobey Marshall, Minnesota AOL: SSTobey This shocking tale is almost unbelievable. This is not a crime committed by a young man alone; the responsibility for it goes right to Barings' top executives, whose lack of control...
Your cover [March 13] featured two stories: one was billed Ego and Greed," about Nick Leeson, and the other was the Special Report on the candidates for the 1996 presidential race. Until I took a closer look, I thought the two titles were for the same story. After all, the presidential race is about ego and greed. The only difference between Leeson and the presidential candidates is that Leeson spent the bank's money whereas the candidates want to use American taxpayers' money! Edward Zinkin Rochester, New York AOL: EdwardZ...
Lawyers for Nicholas Leeson, the trader whose high-flying deals put Barings Bank out of business, insisted that Leeson never intended to run away from the debacle. Indeed, his weeklong dash from Singapore was allegedly nothing more than a long-planned holiday. In Singapore accountants looking into Leeson's transactions reported that two months' worth of records had disappeared. Finally, a Dutch banking and insurance firm, ING Group, completed its takeover of Barings...
...flight of Nicholas Leeson might have provided a juicy plot for Maugham or Le Carra. The young high flier's dizzying speculations on Singapore's International Monetary Exchange roiled international currency markets as well as the Tokyo stock market, and mortally wounded Barings bank, one of Britain's most venerable financial institutions, which was unable to cover losses of more than $1 billion. As the extent of the damage became apparent, Leeson, 28, and his wife Lisa Sims, 23, fled their apartment in Singapore and spent a week on the lam. Detained last Wednesday as he arrived in Frankfurt, Germany...