Word: leesons
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...competent soccer player back in England, Nick was one of only two foreigners on the otherwise all Malay team of Admiralty Club in 1992 and 1993. He showed up for a few months of training and played in two games before quitting. His coach, Mohamed Ansari, says Leeson was too big and too slow to play with the shorter and swifter Malays. "He was always friendly," says Ansari. But no one on the team ever really got to know...
...addition to trading, Nick Leeson excelled at partying hard at night. In Singapore, it is a customary coda to the workday. After toiling over charts and numbers, the traders leave en masse for the rows of bars and cafes of the Boat Quay. Some of them tell stories of Leeson as "the wild man." After one late night bout, he was charged with indecent exposure for dropping his pants in front of a group of women. He then gave them his phone number and address and dared them to turn him in. (As good Singaporeans, they did. Leeson was fined...
...reputation as Barings' master of SIMEX grew, however, Leeson's tastes changed. He gradually spent less and less time in Harry's Pub and moved upmarket to a row of bars closer to home. One of those he favored was 5 Emerald Hill, an understated establishment favored by the artistic community. There, surrounded by walls of peeling paint and cooled by electric fans, he would listen to blues and soul in the evening, drinking gin and tonics or whiskey, perhaps staring at the apple slices in the giant jar of vodka or the bottled snake on the liquor shelf. When...
...didn't pay all his bills. Last week the Financial Times obtained internal documents pointing to error account No. 88888, a piece of evidence overlooked by Barings auditors. It showed Leeson had already built up a $80 million deficit at the end of 1994, the year in which he supposedly earned huge profits for Barings and had become known unofficially as the Nikkei king on the SIMEX floor. His reputation was based on his ability to spot tiny differences in the value of Nikkei futures on the exchanges of Singapore and Osaka, Japan, and make millions by exploiting the spread...
EARLY IN 1994 A NEW YORK CITY-BASED Barings banker introduced Leeson to a client whose identity remains a closely held secret at Barings. The client reportedly told his Barings contact in New York, "I hope you're getting some credit for this because your company is getting a lot of business from me in Singapore." It is still not clear where the mystery client's investing stopped and where Leeson's own-hidden in error account No. 88888-began. But right to the end, Leeson claimed that his huge, inexplicable investments were on someone else's behalf. "He always...