Trader Leeson freed, sent to London

Published: 7 July 1999 y., Wednesday
Rogue trader Nick Leeson walked out of a Singapore prison Saturday, four years after bringing down Britain_s oldest commercial bank and sending shock waves through Asia_s giddy financial world. Wearing a broad smile, T-shirt and warmup pants, the 32-year-old Briton was immediately taken to the airport, where security officers whisked him through passport control and put him on a commercial flight to London. Leeson spent nearly 3 years at Tanah Merah prison, convicted of fraudulently hiding $1.4 billion in losses at Barings Bank. His unauthorized futures trading made him one of the decade_s most notorious white-collar criminals. Now the subject of a book and film, Leeson has gained celebrity status. But his personality remains an enigma, his reputation an odd mix of loutish bravado and good-natured humility. Leeson, who failed math in high school, pushed his way into the financial world as a low-salaried clerk for Britain_s dignified Coutts and Co. bank in 1985. He moved to U.S. bankers Morgan Stanley in 1987, and then to Barings in London in 1989. After his trading losses were discovered, he fled Singapore but was caught in Frankfurt, Germany, and brought back to the island republic. His lawyer, Stephan Pollard, said Leeson would "certainly get a job as soon as is practicable" but cautioned that it would be difficult after spending time in prison. Newspapers reportedly have been vying to get an interview with Leeson for a six-figure sum, while the movie based on his case, "Rogue Trader," premiered last week in London before a star-studded audience.
Šaltinis: MSNBC
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Financial sector: preventing the next crisis

New legislation for pan-European supervision of credit rating agencies and a public debate on how financial institutions are managed. more »

Russia's accession to WTO and China's role in world economy were discussed in Vilnius

On 2 June in Vilnius, Lithuania‘s Vice-Minister of Foreign Affairs Asta Skaisgirytė Liauškienė and Deputy Director General of the World Trade Organization Rufus H. Yerxa discussed the main issues on the international trade policy agenda, Russia‘s WTO accession and the changing role of China in the world economy. more »

Globalisation fund: Budgets Committee backs aid to Spain and Ireland

2157 former construction workers in Spain and 598 ex-employees at the Irish crystal glass company Waterford Crystal with suppliers could get €11 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Wednesday. more »

Commission rewards Europe's best green businesses

Companies from the UK, Belgium, Germany and Spain have won the 2010 European Business Awards for the Environment. more »

Fisheries reform: firm backing for research but differing views on quotas

The planned overhaul of EU fisheries policy should devolve more powers to regions, protect small coastal fleets and boost aquaculture, said MEPs and members of national parliaments on Tuesday. more »

First JESSICA fund loan agreement signed with Lithuania’s Šiaulių bankas

The first in a series of loan agreements for energy efficiency investments in multi-apartment buildings was signed today between the European Investment Bank (EIB), as manager of the JESSICA holding fund in Lithuania, and Šiaulių bankas. more »

Estonia's euro

Despite the current economic crisis and tensions in the euro, Estonia is set to adopt the single currency in January. more »

'Polluter pays' principle for banks

Commission proposes a bank tax to cover the costs of winding down banks that go bust. more »

Strong EIB support for new energy investments in Greece

The European Investment Bank will provide a total of EUR 400 million to Hellenic Petroleum SA in order to increase the production of cleaner fuels via the upgrading of the Elefsina refinery. more »

The promotion of the electric vehicle in Europe, under examination

European ministers meet on Tuesday and Wednesday in Brussels at the final Competitiveness Council to be held during the six months of the Spanish Presidency, which has an agenda laden with important issues such as the electric vehicle, the European patent system and national R+D investment goals. more »