Search results
Results from the WOW.Com Content Network
However, the Bank harboured a terrible secret. In the late 19th century Barings almost went bankrupt after investing heavily in South American bonds, including backing the construction of a sewer system in Buenos Aires. The bank was saved by The Bank of England, but Edward Baring, the head of the bank, was financially ruined and never recovered.
Barings was declared insolvent on 26 February 1995, and administrators began managing the finances of Barings Group and its subsidiaries. [37] The same day, the Board of Banking Supervision of the Bank of England launched an investigation led by Britain's Chancellor of the Exchequer; its report was released on 18 July 1995. [ 37 ]
Nicholas William Leeson [2] (born 25 February 1967) is an English former derivatives trader whose fraudulent, unauthorised and speculative trades resulted in the 1995 collapse of Barings Bank, the United Kingdom's second oldest merchant bank. He was convicted of financial crime in a Singapore court and served over four years in Changi Prison.
Rogue Trader tells the true story of Nick Leeson, a young employee of Barings Bank who after a successful spell working for the firm's office in Indonesia is sent to Singapore as General Manager of the Trading Floor on the SIMEX exchange. The movie follows Leeson's rise as he soon becomes one of Barings' key traders.
In 1995, Barings Bank, the oldest investment bank in Britain, collapsed as a result of unauthorised trading by its head derivatives trader in Singapore, Nick Leeson, who was imprisoned for six and a half years in Singapore. [13] It was then bought for £1 by ING Group, a Dutch bank. [14]
Rogue Trader: How I Brought Down Barings Bank and Shook the Financial World is a book by Nick Leeson, who served four years in prison for fraud after bankrupting the London-based Barings Bank in 1995 by hiding $1.4 billion in debt he accumulated as a derivatives trader in Singapore.
After the Panic of 1890 nearly ruined Edward Baring, 1st Baron Revelstoke, along with several other family members and bank partners, the family's property holdings began to decrease. Most of the estates were long gone by the time the final crash of Barings Bank in 1995 claimed the bank's longtime headquarters at 8 Bishopsgate.
1995 The Living Dead: The different ways that history and memory (both national and individual) have been used and manipulated by politicians and others. 3 BBC Two, 30 May 1995 [39] 1996 £830,000,000 – Nick Leeson and the Fall of the House of Barings: Nick Leeson and the collapse of Barings Bank. BBC One, 12 June 1996 [40] An Inside Story ...