Word: trader
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...Street did business 12 time zones away. During the daytime, the young Englishman appeared distracted, almost dour. In the trading pit of the Singapore International Monetary Exchange, where Leeson worked from dawn to 7 p.m. among the other men who yelled at numbers careening across video screens, a fellow trader remembers that people would say hello to him and he wouldn't seem to hear them. At least he didn't respond...
...game altogether. "Barings' problem was that they wanted to be just a little bit pregnant," says an equity manager in Hong Kong. By 1993 Heath had resigned and the Tokyo operation had been through four top managers in three years. "They were a wreck," says a former Barings trader. "No one was really running the show." In time Leeson would take full advantage of that power vacuum...
...Barings. Just a couple of weeks before the bank's collapse, he boasted to friends that he had been promised a $2 million bonus for the work, in addition to his $350,000 salary, company-financed apartment and limitless travel budget. In Singapore he developed a following. Says one trader: "When all the charts said sell, he would push the market even higher and the locals would go with him." His immediate boss in Singapore was so enamored of Leeson's success that the young man operated virtually without supervision-even though other traders were warning SIMEX authorities that Leeson...
Barings may have wanted to look the other way. They had allowed Leeson to remain chief trader while also being responsible for settling his trades. At most banks the two jobs are split because allowing a trader to settle his own deals makes it simpler for him to hide the risks he is taking-or the money he is losing. As early as March 1992, an internal fax warned that "we are in danger of setting up a structure which will prove disastrous, in which we could succeed in losing either a lot of money, client goodwill or both...
...Trader Nicholas Leeson's stock gamble cost Baring Brothers & Co. $1.46 billion, $460 million more than previously estimated, the insolvent bank said today, as the Dutch ING Group agreed to take over Baring for a token one pound, or $1.65. Leeson, now in a German prison, is fighting extradition to Singapore, where he stands accused of forging a Wall Street executive's name on a document used as collateral for a loan to Baring. Says TIME London bureau chief Barry Hillenbrand: "A lot of people doubt that Leeson was this lone cowboy who just blew this bomb up inside, with...