A Lesson the Markets Ignored
source: http://www.washingtonpost.com/wp-dyn/content/article/2008/09/22/AR2008092201922.html?wpisrc=...
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- starr111
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"I was astonished that nobody stopped me," he wrote in his book "Rogue Trader." "People in London should have known." Indeed.
Of all the self-proclaimed experts I wanted to hear from about the financial crisis, the one I looked forward to the most was Nick Leeson, late of Britain's Barings Bank. In 1995, he bet hugely on Nikkei futures (whatever they are) and lost something like $1.4 billion. Leeson was 28 years old and often drunk, Barings was 233 years old and in fiduciary senility. Leeson went to prison, Barings went bust and Wall Street, without so much as a pause, went on its merry way
Of all the self-proclaimed experts I wanted to hear from about the financial crisis, the one I looked forward to the most was Nick Leeson, late of Britain's Barings Bank. In 1995, he bet hugely on Nikkei futures (whatever they are) and lost something like $1.4 billion. Leeson was 28 years old and often drunk, Barings was 233 years old and in fiduciary senility. Leeson went to prison, Barings went bust and Wall Street, without so much as a pause, went on its merry way
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kennymotown
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Gaming, pure and simple.
- 3 years ago
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kennymotown
