Barings Bank Collapse (1995)
A cautionary tale for financial institutions the world over, the collapse of Barings Bank, a centuries-old British bank, resulted from the activities of a single, unscrupulous employee. The man in question, derivatives broker Nick Leeson, made unauthorized, unhedged futures transactions on Nikkei, racking up £827 million ($1.3 billion) in losses in no time. He hid these losses by reporting them as gains and got away with it due to a lack of oversight. What brought the whole scheme crashing down?More… Discuss
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