It's 20 years since the collapse of one of the world's oldest banks and Nick Leeson - the trader jailed after the collapse of Barings Bank – says not enough lessons have been learned. Full Story: He is the original rogue trader. The man who single-handedly brought down Britain's oldest bank. Nick Leeson's losses at Barings totalled a staggering 1.4 billion dollars. But 20 years on, he says the lessons still haven't been learnt. [Nick Leeson]: "The story is one of incompetence and negligence on a grand scale. I think every time you see financial scandal be that rogue trading, be that global financial collapse, it's poor systems, poor controls and poor people. I think it characterises everything that's wrong that happens in the market place." There have been others since Leeson. Kweku Adoboli racked up losses of 2.3 billion dollars at UBS. Jerome Kerviel over 6 billion at Societe Generale. But it's Leeson's story that perhaps resonates the loudest. The enduring images taken... ( More) |
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