Word: traders
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Dates: during 1990-1999
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...have a system that's 'Heads, I win a million dfollars, tails the firm loses a million dollars.' There is a strong, rational reason for as trader to take excessive risks...
Prof. John C. Coffee Jr. of the Columbia Business School, quoted in the New York Times (Mar. 5, 1995). Coffee was referring to the case of Nicholas W. Leeson, the 'rogue trader' who caused the bankruptcy of Barings P.L.C...
Singapore authorities are on their way to Germany with an arrest warrant to seek extradition of the young stock trader whose extravagant gamble on the Tokyo market brought down Britain's oldest investment bank. Nicholas Leeson, a Briton who worked in Singapore, fled that country when his bet caused some $1 billion in losses for Baring Brothers & Co., after a drop in the Tokyo market last week. Police pulled him off a plane in Frankfurt last night and are detaining him. An extradition hearing before a judge is expected to take place tomorrow. TIME Bonn bureau chief Bruce Van Voorst...
...chairman of Baring Brothers & Co. suspects his bank was sabotaged by a get-rich-quick plot to wreck the institution. Peter Baring told the Financial Times of London that he believes Singapore-based trader Nicholas Leeson, 28, may have teamed with an accomplice to bet against Baring on the futures market and cash in when the bank went under last weekend. There was no independent confirmation of Baring's charge. Leeson's investments in Tokyo stock futures on Baring's behalf cost the bank more than $1 billion, forcing it into bankruptcy after the market fell last week. Leeson fled...
...year-old British stock trader whose high-stakes gambles caused the collapse of England's oldest merchant bank is nowhere to be found. The Business Times in Singapore reported that Baring Brothers & Co. trader Nicholas William Leeson, who was working for the bank in Singapore, fled the country today, as the bank sought a criminal investigation. Leeson allegedly gambled more than the bank was worth on Tokyo stock futures, losing more than $1 billion when the market fell last week. That forced Baring to declare bankruptcy yesterday and triggered worldwide stock slides today. Baring investors and its U.S. subsidiaries...