Word: trader
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...owners. ING Group, a Dutch company, determined that the Barings employees were either directly or indirectly responsible for overseeing the derivatives debacle that broke the British bank in February. Meanwhile, German authorities received more than 1,000 pages of documents from Singapore, which is requesting former Barings trader Nicholas Leeson's extradition to face charges of forgery...
...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...
...estimated $500 billion to cover those losses. And if Leeson suffers the same fate as our homegrown speculators, he will end up in a nice, cushy job, living the good life. Frank Jerome Columbus, Indiana BARINGS' COLLAPSE CANNOT BE BLAMED solely on derivatives. A system that permits a trader any access, however limited, to the back-office process (settlement, accounting, mark to market) is a blueprint for disaster. No maxim is more fundamental for a financial institution. Mark Martinelli Mahwah, New Jersey WHAT A VIVID LESSON YOUR ARTICLE teaches the world's newly freed people who are struggling to embrace...
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...
...about the same time, Peter Baring, chairman of the bank, reportedly received a faxed letter from Leeson. According to the Independent, the trader apologized, provided a detailed account of his dealings and said "he doubted the two would ever meet again." When a weekend attempt by the Bank of England to round up a rescuer failed, Baring hinted that a conspiracy had led to the collapse of the institution his family established 232 years ago. But, says Emma Davey, managing editor of Futures and Options World: "Baring didn't have a clue what this is all about. There...