Word: traders
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Dates: during 1990-1999
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GUILTY PLEA ENTERED. By NICHOLAS LEESON, 28, former futures trader whose billion dollar losses brought down Barings investment bank; to fraud and forgery with the intention to commit fraud; in Singapore. The sentence: 6 1/2 years in prison: a Singaporean prison...
MICHAEL LEWIS, THE FINANCIAL COLUMNIST FOR THE NEW YORK Times Magazine, has figured out that by tweaking the rich, eventually you can become one of them. He tweaked the bond traders in his bestseller, Liar's Poker, and profited like a bond trader from the book sales. In his latest column he tweaks Steve Forbes, the presidential candidate who owns Forbes magazine, for "leading the charge to eliminate capital-gains taxes...
...Alan Greenspan warned that the U.S. would strictly monitor foreign banks in the wake of the Daiwa and Barings bank scandals. The Fed expelled Daiwa from the United States last month for covering up $1.1 billion in trading losses, while Britain's Barings collapsed amid losses by a single trader. Greenspan told a House Banking subcommittee exploring U.S. regulators' failure to detect the Daiwa losses that stronger internal controls are needed in a complex global banking system in which such internal failures can quickly cause wider financial havoc. "Whenever something like the Daiwa scandal occurs, congressional leaders are called...
Nick Leeson, the rogue trader whose freewheeling ways resulted in a $1.4 billion loss and brought down Britain's venerable Barings Bank, was extradited to Singapore, where his transactions occurred. Promptly arrested, he was charged with 11 counts of fraud and forgery. If convicted, he could face as much as 14 years in prison...
More bad news for Nick Leeson. Two days after the former Barings Bank trader was sentenced to 6 1/2 years in prison for the $1.38 billion in unauthorized trades that brought down Britain's oldest bank, he was hit with a court order seeking to prevent him from making money on his story. The order bars Leeson, his wife and his lawyer from earning money by selling their version of the Barings collapse story while Leeson is in Singapore. A lawyer for Leeson says his client, who has signed a deal reportedly five-figure deal to write his life story...