Overview
In February 1995, Nick Leeson became an overnight celebrity. Britains oldest merchant, Barings PLC, had crashed. Soon after, Barings was sold £1.00 and Leeson was heading for a Singapore jail.
This compelling book outlines the history of the Bank, describing its rise to prominence in international banking over three centuries. There is detailed discussion of derivatives and how they work, and how Barings entered the market, along with many other international players, to take advantage of the enormous potential profits.
There are four areas of coverage:
1) The history of Barings Bank
2) The functioning of the derivatives market
3) Nick Leeson, and how he broke the bank
4) What went wrong
The book looks at Leeson, his background and his career in the Bank. The reader will be able to see clearly why Leeson was not just a ordinary broker. The authors, having access to all the news reports about the collapse and having interviewed various people who knew him in Singapore, have pieced together a vivid picture of the man who broke the bank.
The authors have analysed, in exhaustive detail, the rise of Nick Leeson, and the problems that arose from his handling of both back and front offices in the Singapore Operation. They take the position that many of the problems that arose, and the elaborate ruses that were designed to cover them up, would never have happened if Barings management had been differently organised, or had had a greater awareness of the pitfalls.
The result of thousands of hours of research, Barings Lost raises as many questions as it answers, and is essential reading for anyone wanting to know the real story behind the Barings disaster.
In February 1995, Nick Leeson became an overnight celebrity. Britains oldest merchant, Barings PLC, had crashed. Soon after, Barings was sold £1.00 and Leeson was heading for a Singapore jail.