Podcasts about Barings Bank

Nick Leeson, the man behind the $800M collapse of Barings Bank, joins Audit 15 Fun.We skip the headline story and dig into what internal auditors should've asked and seen, as well as what he wishes someone had asked.Simple things.Big consequences.

February 26, 1995. One of Britain's oldest and most prestigious banks collapses after suffering billion dollar losses on secret investments made by its employee Nick Leeson. This episode originally aired in 2024.Support the show! Join Into History for ad-free listening and more.History Daily is a co-production of Airship and Noiser.Go to HistoryDaily.com for more history, daily.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Three decades on from the collapse of Barings Bank the prospect of sweeping deregulation in the financial system risks paving the way for a repeat. That at least is the opinion of Nick Leeson, the former rogue derivatives trader who brought down one of the UK’s most venerated financial institutions. He sat down with Bloomberg Radio Anchor Caroline Hepker and Finance Reporter Will Shaw for an exclusive conversation about how banking has changed in thirty years, how he rebuilt his life after time in jail, and where he imagines the next 'rogue trader' might come from.See omnystudio.com/listener for privacy information.

In this episode, we unravel the gripping story of Nick Leeson, the infamous rogue trader whose unchecked ambition and high-risk strategies led to the catastrophic collapse of Barings Bank, one of Britain's oldest and most prestigious financial institutions. From his rapid rise through the ranks to the devastating fallout of his actions, Leeson's tale is a cautionary story of hubris, deception, and the failure of financial oversight. We begin by exploring Leeson's early career, his move to Singapore, and his rapid ascension at Barings Bank. A seemingly brilliant trader, he was trusted to run operations and manage trades for the bank. However, behind the scenes, Leeson was secretly amassing losses in a hidden account, taking increasingly reckless gambles in a desperate bid to recover. The episode delves into the events that led to the unraveling of Leeson's deception, focusing on the collapse of the Japanese stock market in 1995. This catastrophic event exposed the massive $1.4 billion hole in Barings' finances, caused by Leeson's unauthorized trades. We examine how his actions—and the bank's lack of oversight—created a perfect storm that ultimately led to Barings' downfall. We also explore the aftermath of the scandal, including Leeson's dramatic escape from Singapore, his subsequent arrest, and the six-and-a-half years he spent in prison. We reflect on the personal toll of his actions, both on Leeson and those around him, and the broader implications for the financial world. His story forced banks and regulators to rethink risk management, internal controls, and accountability within the trading world. Join us as we dive into this dramatic tale of ambition and excess, examining how one man's actions brought down a centuries-old institution. This episode isn't just about Leeson's infamous trades—it's a deep look at the human and systemic failures that allowed his actions to go unchecked, and the lessons the financial world continues to learn from his legacy.   Talk2TheHand is an independent throwback podcast run by husband and wife, Jimmy and Beth. Obsessed with 90s nostalgia and 90s celebrities, we'll rewind the years and take you back to the greatest era of our lives.   New episodes bursting with nostalgia of the 90s released on Tuesdays. Please subscribe to our podcast and we'll keep you gooey in 1990s love. Find us on Twitter @talk2thehandpod or email us at jimmy@talk2thehand.co.uk or beth@talk2thehand.co.uk

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws. In this episode of Season 2, Tom and Mike explore the Barings Bank scandal The focus is on the actions of Nick Leeson, a trader who single-handedly bankrupted the historic institution. The discussion highlights the critical mistakes made by the bank, including a lack of oversight and the dangerous combination of trading and settlement roles. The podast also explores the broader implications for compliance and risk management in financial institutions, emphasizing the importance of segregation of duties and the pressures that can lead to unethical behavior. Key Highlights: The Rise and Fall of Barings Bank The Role of Oversight in Financial Institutions Lessons Learned from the Barings Bank Scandal How does the Fraud Triangle apply? Segregation of Duties-as basic a control as you can have in place Memorable Quotes (all from Mike DeBernardis) “Nick single-handedly bankrupted the oldest merchant bank.” “He was a golden boy trader making tons of money.” “Barings Bank was sold for one pound.” Resources: Mike DeBernardis on LinkedIn Hughes Hubbard & Reed Tom Fox Instagram Facebook YouTube Twitter LinkedIn Texas Tax rate at 80% of 8.25%

The Titanic was the greatest ship of its time. It was the Edwardian equivalent of the Airbus 380, designed to transport a large number of passengers quickly and safely across the Atlantic.All of the elements in the story of the sinking of the Titanic can be abstracted out and seen every day in any large organisation. This is particularly true when it comes to communication breakdowns. The Titanic and the events surrounding it serve as a metaphor for the modern hybrid organisation. Like the Titanic, modern hybrid organisations are technologically complex. There is frequently an overreliance on technology to manage systems (resulting in a decrease in developing robust human systems) and a belief that technology will save us. Because everyone had the brief that  the Titanic was unsinkable, they  underestimated the risk. The Titanic was unsinkable... until it sank. Too Big to Fail is a book by journalist Andrew Ross Sorkin about the collapse of the Wall Street bank Lehman Brothers (Sorkin, 2010). Of course, Lehman Brothers (and Barings Bank) were too large to fail, just as the Titanic was too large to sink.The radio operators on the Titanic were overwhelmed by day-to-day tasks, just as we are often overwhelmed by day-to-day tasks at work and struggle to see the bigger picture. We have a tendency to overlook what is important… This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit michaeldrayton.substack.com

Welcome to this week's episode of the Money and Investing Show, hosted by Andrew Baxter and co-host Mitch Olarenshaw. This week, we take a lighthearted yet insightful dive into the world of finance as portrayed in Hollywood movies. We kick off with an in-depth discussion about the infamous Jordan Belfort from "The Wolf of Wall Street," played by Leonardo DiCaprio. Learn about Belfort's rise and fall, the illegal tactics used, and the real-life lessons investors can take away. Next, we turn our attention to the movie Margin Call, featuring Jeremy Irons. Set against the backdrop of the GFC, this film offers a stark look at the high-stakes decisions made in the financial sector and the importance of being first in the market. We also explore "The Big Short," with Christian Bale portraying Michael Burry, who predicted the housing market collapse. Understand the courage to go against the grain and the importance of thorough research. Finally, we delve into the story of Nick Leeson, the rogue trader whose actions led to the collapse of Barings Bank. Learn about the catastrophic consequences of poor risk management and lack of oversight. Join us for an episode filled with valuable lessons from some of the most iconic finance movies. Take notes and, most importantly, take action to apply these lessons to your own investing strategies. Subscribe to our Channel: https://www.youtube.com/channel/UCfmaldKMEUc5qXeIQ7zEBeA?sub_confirmation=1   FREE Online Training with Andrew Baxter: https://bit.ly/cod-online   Subscribe to Money and Investing Podcast: http://www.moneyandinvesting.com.au/   The Wealth Playbook: Your Ultimate Guide to Financial Security: https://www.wealthplaybook.com.au/  The Wealth Playbook on Audible: https://www.audible.com.au/pd/The-Wealth-Playbook-Audiobook/B0CXYYWZTB?qid=1711282387      

Barings Bank is on the brink of collapse. And it doesn't take long for those at the top to work out who has left them penniless. Once, Nick Leeson was the historic bank's most successful trader. Now, he's a man on the run.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

February 26, 1995. One of Britain's oldest and most prestigious banks collapses after suffering billion dollar losses on secret investments made by its employee Nick Leeson.Support the show! Join Into History for ad-free listening and more.History Daily is a co-production of Airship and Noiser.Go to HistoryDaily.com for more history, daily.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

สมัคร Mission Club | YouTube Membership ได้ที่ https://www.youtube.com/@MissiontotheMoonMedia/join . เชื่อว่าคนทำงานทุกคนคงจะเคยได้ยินกันว่า เราต้องทำงาน “เป็นทีม” เป็น เพราะเราจะได้ร่วมกันคิดและแก้ปัญหา ซึ่งพูดง่ายๆ มันก็คือคำว่า “รวมกันเราอยู่” นั่นเอง . แล้วถ้าในองค์กรมีคนที่ดูเก่งมากๆ จนองค์กรยอมยกโอกาสและอำนาจในการทำงานด้วย “ตัวคนเดียว” มากเกินไป จะเกิดอะไรขึ้น? . มารู้จักกับ Nick Leeson นักเทรดในตำนาน ผู้ทำลายธนาคารเก่าแก่ที่สุดในอังกฤษอย่าง ‘Barings Bank' . . เชิญรับฟังพร้อมๆ กันได้ใน MM Podcast EP.1976 | แค่คนคนเดียวก็ทำองค์กรล่มได้! บทเรียนจากกรณี Barings Bank . . #missiontothemoon #missiontothemoonpodcast #business #BaringsBank #NickLeeson

สมัคร Mission Club | YouTube Membership ได้ที่ https://www.youtube.com/@MissiontotheMoonMedia/join . เชื่อว่าคนทำงานทุกคนคงจะเคยได้ยินกันว่า เราต้องทำงาน “เป็นทีม” เป็น เพราะเราจะได้ร่วมกันคิดและแก้ปัญหา ซึ่งพูดง่ายๆ มันก็คือคำว่า “รวมกันเราอยู่” นั่นเอง . แล้วถ้าในองค์กรมีคนที่ดูเก่งมากๆ จนองค์กรยอมยกโอกาสและอำนาจในการทำงานด้วย “ตัวคนเดียว” มากเกินไป จะเกิดอะไรขึ้น? . มารู้จักกับ Nick Leeson นักเทรดในตำนาน ผู้ทำลายธนาคารเก่าแก่ที่สุดในอังกฤษอย่าง ‘Barings Bank' . . เชิญรับฟังพร้อมๆ กันได้ใน MM Podcast EP.1976 | แค่คนคนเดียวก็ทำองค์กรล่มได้! บทเรียนจากกรณี Barings Bank . . #missiontothemoon #missiontothemoonpodcast #business #BaringsBank #NickLeeson

The man who brought down Barings Bank in the mid-1990s is Gabby's guest this week. Nick Leeson racked up and concealed losses of more than £800 million in illegal trades, and looks back on the cultural shift in the financial industry, why he's not great at saving money, and why he encourages his children to ask for help if they need it.Subscribe to the show for free to and listen to other episodes from series one and two, featuring Alastair Campbell, Rachel Riley and Richard Curtis. The ii Family Money Show is brought to you by interactive investor (ii). This episode was recorded in March 2023. Follow interactive investor:Twitter @ii_coukFacebook /weareiiInstagram @interactive_investor Follow Gabby:Twitter @GabbyLoganInstagram @gabbylogan Important information:This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Pension and tax rules depend on your circumstances and may change in future. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

The Prime Minister spoke yesterday of his confidence that the economy will see a return to a level of growth that is at, or above, trend next year. Rishi Sunak acknowledged that Brexit and the shocks created by the Coronavirus Pandemic had set the country back. He went on to say that while all developed economies have faced their own unique challenges, the global increase in inflation has been a common theme. He praised the Bank of England for the manner in which it has tightened monetary policy over a period of eighteen months. Raining interest rates at eleven consecutive meetings. The challenges that Andrew Bailey and his colleagues have faced have underlined the importance of having an independent Central Bank. Bailey himself and his colleague, Deputy Governor, David Ramsden, testified before the Treasury Select committee yesterday. They were providing MPs with their views on the collapse of the Silicon Valley bank in the United States and any possible effect there may be to the financial markets in the UK and Europe. Bailey said that the collapse of the band, primarily set up to cater to the financial needs of tech startups, was the fastest seen since the Barings Bank crisis in February 1995. He went on to say that it was unlikely that the issues that led to the sale of Credit Suisse to Union Bank of Switzerland were company specific. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.

Nick Leeson is CEO of Bull & Bear Capital and former derivatives trader notorious for the collapse of Barings Bank, the United Kingdom's oldest merchant bank. Nick was the “Rogue Trader” who made fraudulent, unauthorized and speculative trades, and his actions led directly to the 1995 collapse of the bank, for which he was sentenced to prison in Singapore.⏺️ Voics: https://www.voics.co/

A los más jóvenes es probable que el nombre de Nick Leeson ni siquiera les suene. Pero fue el protagonista del primer gran escándalo financiero de la era moderna, allá por los 90. Un fraude que se llevó por delante la entidad para la que trabajaba, Barings Bank, la más antigua de Reino Unido, y entre cuyos clientes estaba la antigua reina de Inglaterra, Isabel II.Todo ocurrió en 1995, y todo fue, básicamente, un fraude. Leeson, nacido en Watford, Reino Unido, empezó a trabajar como empleado de banca privada en Coutts, cuando no tenía ni 20 años. En 1987 se incorporó a Morgan Stanley, donde estuvo dos años más, hasta que en 1989 llegó a Baring Brothers.Y empieza la debacle. En 1992, cuando ya acumulaba algunos años de experiencia en la bolsa a pesar de su juventud, Barings le nombra gerente general de una nueva operativa de mercados de futuros en Singapur. Lo que ni él ni el banco revelaron entonces es que en Reino Unido le habían denegado la licencia de corredor de bolsa, por un fraude en su solicitud. En un principio, Leeson se dedicó a invertir en el mercado de futuros del Nikkei japonés, y con buenos resultados. Pero, al mismo tiempo, y casi desde el principio, también realizó operaciones especulativas no autorizadas, que también le estaban dando grandes beneficios a Barings. Los 10 millones de libras que obtuvo equivalían al 10% de las ganancias anuales del banco. Gracias a ese éxito logró un bonus de 130.000 libras, que superaba por mucho a los 50.000 libras anuales que tenía de sueldo.Cuenta la leyenda, difundida por el propio Leeson, que todo empezó a complicarse por un acto de solidaridad. Tenía a una joven ayudante, Kim Wong, de origen chino. Él quería contratar a alguien de más experiencia, pero su jefe prefería a alguien que cobrase poco, como pasaba con Wong, cuyo salario era solo de 4.000 libras anuales.En una tarde especialmente complicada, con el aire acondicionado estropeado y mucho estrés, Wong cometió un error: vendió 20 contratos en lugar de comprarlos, como el cliente había pedido. Un error de 20.000 libras. Para proteger a su compañera, Leeson creó una cuenta falsa, a la que llamó 88888. Su objetivo, consciente de que no era un fallo tan grande, era ocultarlo en esa cuenta hasta poder subsanarlo. Lejos de solventar ese error, Leeson empezó a usar esa cuenta para ocultar otras operaciones deficitarias que estaba llevando a cabo él mismo. Para el final de 1992, las pérdida de esa cuenta superaban los 2 millones de libras. Pero no pasaba nada, ya había resuelto situaciones más complicadas otras veces. Como cuando, estando largo en el Nikkei, el mercado se hundió en picado. Trató de comprar más para compensarlo, pero llegó un momento en el que se quedó sin dinero para cubrir las garantías de su posición, como recuerdan desde Finect. Para lograr capital, y aprovechando el apetito de mercado por invertir a la baja en el Nikkei, decidió vender opciones de venta, y utilizar esas primas para pagar las garantías de sus futuros del Nikkei. El mercado comenzó a subir, y logró recuperar todas las pérdidas acumuladas.Leeson creía que había encontrado una fórmula infalible, así que empieza a repetir la operación, ya para incrementar sus beneficios y no para cubrir pérdidas. Sus posiciones llegaron a representar el 40% de este mercado. Y le iba bien.Todo colapsa en enero de 1995. Leeson realizó una pequeña inversión en la bolsa de Tokio, apostando a que el mercado se mantendría estable. Pero al día siguiente, un importante terremoto en Kobe hundió los mercados asiáticos. Las posiciones comerciales del inversor se fueron al traste. En una huída hacia adelante desesperada, Leeson empieza a hacer operaciones cada vez más arriesgadas, para tratar de recuperar las pérdidas. Pero no acierta.Desesperado, el 23 de febrero dejó una nota en la oficina que decía 'Lo siento', y huyó. Las pérdidas equivalían a 1.400 millones de dólares, dos veces el capital disponible del banco. Tras un intento de rescate, que fracasó, se declaró en quiebra, y fue adquirido por ING por 1 libra, a cambio de asumir su pasivo.Era el fin del banco comercial más antiguo de Reino Unido. La entidad había sido fundada en 1763, y participó en grandes operaciones, financiando la construcción del canal de Panamá o la compra de Luisiana a Francia por parte de Estados Unidos. Gestionó la salida a bolsa de Guinness, la marca de cerveza, en Londres, que necesitó la intervención de la policía montada para que los inversores invadieran la sede de Barings con sus solicitudes de compra. También fue conocido por ser el banco de la reina Isabel II, que tenía un depósito por valor de 40 millones de libras. Pero las maniobras fraudulentas pesaron más que su historia.Leeson, sin embargo, se defiende acusando al banco de haberle supervisado. La gerencia le permitió durante toda su estancia en Singapur ocupar los cargos de jefe comercial y el responsable de liquidar sus operaciones, trabajos que habitualmente realizan dos personas diferentes. Una situación que, no cabe duda, le facilitó ocultar sus pérdidas ante sus superiores. El informe de las autoridades de Singapur coincide, en parte, con la apreciación de Leeson, y interpela a la administración de Barings por no haber sabido nada de la cuenta de 'los cinco ochos'. Leeson también acusó a sus superiores de no saber nada del funcionamiento del mercado de futuros, pero como en su posición no podían reconocer que sabían menos que él, pues le siguieron mandando dinero, casi a ciegas. Finalmente, Leeson se declaró culpable de dos cargos: engañar a los auditores del banco, y engañar a la bolsa de Singapur, incluyendo la falsificación de documentos. Fue condenado a 6 años de cárcel, aunque en 1999 fue liberado, tras serle diagnosticado un cáncer de colón que parecía definitivo, pero del que milagrosamente sobrevivió.No volvió a los mercados, y desde entonces se ha dedicado a escribir libros de todo pelaje, a dar conferencias sobre marketing, e incluso fue el director de un equipo de fútbol irlandés. Con una mezcla de ironía y seriedad, también ha tendido a ponerse de ejemplo de los peligros que el sistema financiero debe evitar, y señala que hay muchos bancos que siguen siendo vulnerables a casos como el suyo. Si sus trucos hubieran salido bien, se hubiera convertido en uno de los grandes inversores de la historia, pero al salirle mal, quebró el banco más antiguo de Reino Unido.

You're 30 years old, worth billions as a result of a crypto exchange you've set up - and in the space of one Sunday afternoon it all turns to dust. What must that feel like? On this episode of The News Agents we speak to someone who's been there, done that and has got the badge (the prison sentence). Nick Leeson single-handedly brought down one of Britain's most famous financial institutions in 1995 - Barings Bank - and spent four years in a Singapore jail as a result. He speaks to us about the tight spot Sam Bankman Fried now finds himself in, and how similar it was to his own.Planning: Melissa TutesigensiSocial Media: Georgia FoxwellVideo: Will Gibson-SmithProduction: Gabriel Radus Deputy Editor: Tom HughesExecutive Producer: Dino SofosFor exclusive daily videos from The News Agents visit Global Player: https://www.globalplayer.com/videos/brands/news-agents/the-news-agents/The News Agents is a Global Player Original and a Persephonica Production.

Bonjour à tous! Cette semaine, pour ce nouvel épisode de l'État Financier, on se retrouve pour deux segments, deux Au Son de la Cloche! Dans la première partie, nous discuterons des récentes turbulences sur l'action du détaillant Bed Bath and Beyond. Peut-on craindre un nouveau GameStop avec l'engouement du sub Reddit Wall Street Bets ? Qu'est ce qui justifie le gain et la perte subséquente de ce titre ? Dans la deuxième partie, nous vous ferons un retour sur l'une des plus grandes affaires de la finance, avec la faillite de la Barings Bank, la banque de la Reine d'Angleterre. Tout cela à cause d'un seul homme : Nick Leeson, le trader secret ou "Rogue Trader". Bonne semaine et bonne écoute ! #podcast #finance #bbby #nickleeson #roguetrader --------- Contact: - Commentaires sur YouTube - Email : contact@etatfinancier.info ---------

Nick Leeson is one of the UK's most notorious bankers. Nick single-handedly took down Barings Bank losing over £800 Million and going to jail for it. Now older and much wiser I sit down and talk with the man from Watford and enjoy an amazing conversation about all things money.Follow my Instagram - http://www.Instagram.com/jonjosephbou...Follow my Twitter - http://www.Twitter.com/jonbourgerieFollow Nick - http://www.Instagram.com/theoriginalr...My Website - http://www.JonJosephBourgerie.comThanks for subscribing!

In this week's episode we talk our favorite carbonated beverages, fill up time with accent practice, and discuss the downfall of Barings Bank, an English bank that at one point literally held royal accounts that was toppled by the record breaking oopsy trade made by one man: Nick Leeson.

Barings bank was established in 1762. It was the United Kingdom's oldest merchant bank and at one point, was called 'the sixth great European power. Nick Leeson was a wunderkind. Everything he touched, everything he traded turned to gold. He didn't even pass his Math A'levels, yet he seemed to have an instinctive grasp of the market. He was eventually placed in charge of the Singapore branch of the Barings bank. About four years after Nick became the General Manager of the Singapore branch, Barings bank was sold for one British Pound. How did Nick bankrupt the Barings Bank...? Website: https://abriefcasepodcast.com/  Instagram: @abriefcasepodcast

Ein unbeaufsichtigter Trader richtet die britische Barings-Bank zugrunde, weil er einen Verlust durch immer riskantere Geschäfte wieder ausgleichen möchte. Mit einem Konstrukt aus verschiedenen Derivate-Positionen führt ein Ölpreis-Verfall die Frankfurter Metallgesellschaft in die Zahlungsunfähigkeit. Hebelprodukte auf Grundlage gebündelter Hauskredite lassen 2008 die US-Bank Bear Stearns wanken. Dirk Urmoneit, Chief Strategy Officer bei Scalable Capital, führt durch drei folgenreiche Fälle aus der Finanzgeschichte – und zeigt, welche Lehren Privatanleger daraus für ihre Geschäfte mit Derivaten ziehen können. Blog: https://de.scalable.capital/blog Youtube: https://www.youtube.com/c/ScalableCapital-DACH Trading: https://de.scalable.capital/trading Derivate bergen hohe Risiken.

Barings Bank discover their most successful trader has left them penniless. The hunt is on to find Nick Leeson.Listen ad free with Wondery+. Join Wondery+ for exclusives, binges, early access, and ad free listening. Available in the Wondery App. https://wondery.app.link/britishscandalSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nick Leeson rises through the ranks of Barings Bank. When he moves to run the Singapore office, he notices a weakness in the system.Listen ad free with Wondery+. Join Wondery+ for exclusives, binges, early access, and ad free listening. Available in the Wondery App. https://wondery.app.link/britishscandal.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A former Barings Bank derivates trader who developed a superstar reputation trading the futures markets on the Singapore Monetary Exchange. A mistake that resulted in a 20k lost eventually compounded to a 1.3 billion dollars, resulting in the collapse of one of Britain’s oldest banks. He's proven his resiliency, wrote a book on this experience and it got turned into a film. He now consults for firms raising risk awareness around human behavior, culture, conduct and corporate governance issues. Confessions of a Market Maker presents Nick Leeson--------------------------------------------------------------------------------------------If you'd like to join JJ, Ray & a supportive, professional group of traders, trade alongside them at microefutures.com

Nicholas William Leeson es el nombre del operador de derivados conocido por llevar a la quiebra al Barings Bank, el banco comercial más antiguo del Reino Unido. Conoce en este podcast la historia del Banco Barings, de cómo Nick Lesson realizó una operativa con derivados que culminó con una pérdida de aproximadamente de $1,300 millones de dólares. Escucha la operativa, los errores y el ascenso y descenso de este "Rogue Trader". ¡Dale play e incrementa tu IQ financiero! Para acceder a videos, tips, ebooks, cursos de educación financiera e información útil visita: https://www.facebook.com/DeMedinaMau https://twitter.com/DeMedinaMau https://www.instagram.com/demedinamau https://www.linkedin.com/in/mauricio-de-medina O visita: https://www.mauriciodemedina.com Aprende, ahorra e invierte.

Nick Leeson is CEO of Bull & Bear Capital and former derivatives trader notorious for the collapse of Barings Bank, the United Kingdom's oldest merchant bank. Nick was the “Rogue Trader” who made fraudulent, unauthorized and speculative trades, and his actions led directly to the 1995 collapse of the bank, for which he was sentenced to prison in Singapore.Sponsorships & partners:- Sons: Sons.ie | Sons.co.uk and use code KICKOFFSESSIONS40 for 40% off- ExpressVPN: ExpressVPN.com/kickoffsessions and get 3 extra months free- Buzzsprout: Buzzsprout.com and receive a $20 Amazon Gift Card(00:00) Sponsorships:  Sons.ie | Sons.co.uk(01:42) Introduction(02:51) Nick Leeson's background(04:35) The collapse of Barings Bank(10:04) Trading emotionally, immaturity & stress(16:15) Social media & communication(20:26) Lessons from prison(25:15) Mental challenges of prison(32:12) Man's Search for Meaning, Viktor Frankl(39:29) Happiness & careers(42:59) Pursuing interests & passions (46:23) Professional success & ultimate focusPlease leave a review:- Spotify: https://spoti.fi/36RrL9Y- Apple: https://apple.co/3uCwViFSocials:- YouTube: https://bit.ly/3HleVy2- Spotify: https://spoti.fi/3EE3FuG- Apple: https://apple.co/32ArW7D- LinkedIn: https://bit.ly/3FCS3JA- TikTok: https://bit.ly/314iZD6Services:- Career mentoring: https://bit.ly/3FCS3JA- Podcast consulting: https://bit.ly/3aYzm5w- Newsletter: https://bit.ly/3JqwkXAThis episode is sponsored by Sons. Please support the podcast and get 40% off your first order by using the discount code KICKOFFSESSIONS40. Sons IE: sons.ieSons UK: sons.co.ukSons are a men's health care brand that offers clinically proven, licenced hair loss treatments for less than the cost of a cup of coffee per day. - ExpressVPN: ExpressVPN.com/kickoffsessions and get 3 extra months free- Buzzsprout: Buzzsprout.com and receive a $20 Amazon Gift CardSupport the show

Transitional questions, rushing exits and a babalon thriller + this day in history w/Barings Bank collapse and our song of the day by Robert Lindsay Nathan on your #MorningMonarchy for February 26, 2021.

Interview: NICK LEESON Nick Leeson became notorious worldwide in 1995 as the ‘Rogue Trader’ who brought down Barings Bank. In this three-part interview with Simon Nott, he talks about the ‘crime’, doing the time, sharing cells with Triads and battling cancer. It’s honest and candid. Meeting Nick Leeson.

Nick Leeson (https://en.wikipedia.org/wiki/Nick_Leeson) was born in Watford, Hertfordshire and attended Parmiter's School in nearby Garston. Born to working-class parents on a council estate, his father was a self-employed plasterer, his mother a nurse. In this interview, Nick speaks with Doc and talks about his introduction to city life, before going east to Singapore where his final demise took place. Exclusive interview by @DDS_DocHoliday (https://twitter.com/DDS_DocHoliday) In the mid-1980s, Nick Leeson landed a job as a clerk with royal bank Coutts, followed by a string of positions with other banks, ending up at Barings, where he quickly made an impression and was promoted to the trading floor. Before long, Nick was appointed the manager of a new operation in futures markets on the Singapore Monetary Exchange (SIMEX) and was soon making millions for Barings by betting on the future direction of the Nikkei Index. His bosses back in London, who viewed his large profits with glee, trusted the whizzkid. Leeson and his wife Lisa seemed to have everything: a salary of £50,000 with bonuses of up to £150,000, weekends in exotic places, a smart apartment, frequent parties and to top it all they seemed to be very much in love. Barings wasn’t aware that it was exposed to any losses because Leeson claimed that he was executing purchase orders on behalf of a client. What the company did not realise, is that it was responsible for the 88888 error account where Leeson hid all of his losses. This account had been set up to cover up a mistake made by an inexperienced team member, which led to a loss of £20,000. Leeson now used this account to cover his own mounting losses.

Dziś mam dla Was odcinek solowy, w którym opowiem o pewnym nielogicznym wzorcu zachowań związanych ze stratą. Zjawisku, które ma miejsce w różnych obszarach naszego życia. Z nagrania dowiecie się: kim był Nicholas Leeson, jakie były jego zadania w banku na czym polegał jego błąd, dlaczego bank Barings Bank zbankrutował i jakie były tego konsekwencje, jak w codziennych sytuacjach wpadamy w podobną pułapkę jak Nick, na czym polega efekt kosztów utopionych i z czym jest związany, jakie przykłady takich sytuacji możemy znaleźć w naszym codziennym życiu, na czym, wg psychologów, polega ten efekt, jak to się dzieje, że wpadamy w pułapkę chęci odzyskania kosztów utopionych, jak uniknąć takiego wpadania, czy dotyczy to także stosunku do straty poniesionej przez inne osoby, na czym polegał eksperyment Christophera Y. Olivoli, konto mentalne a konto związane z transakcją finansową – jak są powiązane, kogo najbardziej dotyczy ten efekt w przypadku inwestycji finansowych, na czym polega tzw. efekt popołudniowy, jak nie wpaść w pułapkę dążenia do odzyskania kosztów utopionych? Zapraszam do wysłuchania. Treści prezentowane w podcastach "Po Ludzku o Pieniądzach" są opiniami prowadzącego i jego gości i odzwierciedlają ich osobiste poglądy. Nie należy interpretować ich jako opinii lub stanowiska Generali Investments TFI S.A. Spółka nie ponosi odpowiedzialności za trafność oraz kompletność informacji przekazywanych przez prowadzącego i jego rozmówców.

Dziś mam dla Was odcinek solowy, w którym opowiem o pewnym nielogicznym wzorcu zachowań związanych ze stratą. Zjawisku, które ma miejsce w różnych obszarach naszego życia. Z nagrania dowiecie się: - kim był Nicholas Leeson, - jakie były jego zadania w banku - na czym polegał jego błąd, - dlaczego bank Barings Bank zbankrutował i jakie były tego konsekwencje, - jak w codziennych sytuacjach wpadamy w podobną pułapkę jak Nick, - jak nazywa się ten efekt, - na czym polega efekt kosztów utopionych i z czym jest związany, - jakie przykłady takich sytuacji możemy znaleźć w naszym codziennym życiu, - na czym, wg psychologów, polega ten efekt, - jak to się dzieje, że wpadamy w pułapkę chęci odzyskania kosztów utopionych, - jak uniknąć takiego wpadania, - czy dotyczy to także stosunku do straty poniesionej przez inne osoby, - na czym polegał eksperyment Christophera Y. Olivoli, - konto mentalne a konto związane z transakcją finansową – jak są powiązane, - kogo najbardziej dotyczy ten efekt w przypadku inwestycji finansowych, - na czym polega tzw. efekt popołudniowy, - jak nie wpaść w pułapkę dążenia do odzyskania kosztów utopionych. Zapraszam do wysłuchania. Treści prezentowane w podcastach „Po ludzku o pieniądzach” są opiniami prowadzącego i jego gości i odzwierciedlają ich osobiste poglądy. Nie należy interpretować ich jako opinii lub stanowiska Generali Investments TFI S.A. Spółka nie ponosi odpowiedzialności za trafność oraz kompletność informacji przekazywanych przez prowadzącego i jego rozmówców.

We’re joined today by special guest Nick Leeson, who is famous for the collapse of Barings Bank, one the oldest banks in the world at the time, to discuss liquidity risk in the markets, dealing with stress in extraordinary situations, the benefits of asking yourself the difficult questions, problems when interpreting vast amounts of data, what Nick looks for when investing today, the importance of communicating your feelings, and lots more. If you would like to leave us a voicemail to play on the show, you can do so here. Learn more about the Trend Barometer here. IT's TRUE - most CIO's read 50+ books each year - get your copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry, Moritz & Nick on Twitter: @TopTradersLive, @RJparkerjr09, @MoritzSeibert and @TheNickLeeson And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro1:43 - Macro recap from Niels3:16 - Weekly review of returns5:18 - Niels: What key decisions have shaped your life so far?7:59 - Niels: Can you describe the period between 1992 & 1995?12:44 - Niels: What do you remember about the supposed ‘complex’ products that your were trading?16:19 - Moritz: What was it like trading in Indonesia?20:06 - Moritz: How did you end up being sent abroad to run a business for a bank?26:34 - Moritz: What type of products did you trade at the SIMEX?29:32 - Niels: What are things you look for in a person or organisation you would want to invest with?34:57 - Niels: You advise large businesses, so what are the discussions you are currently having with your clients?49:39 - Moritz:What was your thinking & process while attempting to recover huge losses?55:41 - Niels: Do you talk with your clients about a market's liquidity risk?58:53 - Niels: How has electronic trading made markets more liquid or less liquid?1:02:16 - Niels: Do you see similarities between today’s scandals, and the behavious of past financial scandals?1:05:49 - Moritz: How do you trade today, and what do you think is important is for good trading?1:11:23 - Niels: Describe how you’ve dealt with stress throughout extraordinary situations?1:17:01 - Niels: What are the key things you try to teach your kids, based on your experiences?1:18:57 - Performance recap1:19:57 - Moritz: Tell us about Bull And Bear Cap?1:21:51 - Moritz: Are you continually asked about your history with Barings Bank? Subscribe on:

Sein ehemaliger Chef nannte ihn mal einen Meister der Zerstörung: Nick Leeson. Inzwischen hat er das Gefängnis wieder verlassen, aber die Bank bleibt verschwunden... Der spektakuläre Ruin der altehrwürdigen “Barings Bank” verschlang in heutigen Summen etwa 1,3 Mrd. Euro! Eine ganze Bank in die Pleite geritten, das traditionsreiche Finanzhaus ruiniert. Wie konnte es so weit kommen? “Bad Finance” ist ein FYEO-Original von PodcastMania Mit Christian Kirchner und Martina Schönherr Regie: Rob Szymoniak Off-Sprecher: Stefan Bergel Redaktion: Christian Kirchner und Rob Szymoniak Produktion: Dominic Hesse und Rob Szymoniak von PodcastMania sowie Isabel Lübbert-Rein von FYEO Gesamtleitung FYEO: Benjamin Risom, Luca Hirschfeld und Tristan Lehmann Na, angefixt? Die komplette Staffel und noch viele weitere außergewöhnliche Originals findest du exklusiv in der FYEO App und im FYEO Abo bei Apple Podcasts. For Your Ears Only! Weitere Infos findest du auch unter www.fyeo.de

Cemal Ezel is a social entrepreneur with a big heart and a great cause. Working with homeless charities, Change Please is a brilliantly simple not for profit enterprise that takes homeless people from the streets and gets them into employment and back into society using coffee as a vehicle. Virgin Airlines, Barings Bank, Elior Catering to name but a few have all switched to Change Please as their coffee provider. You will also see their kiosks and carts starting to appear in and around our cities. The individual stories are moving and powerful. The enterprise focusses on a ‘job first’ model, to empower its people. As well as lifting people out of homelessness, Change Please allows people to do good everyday simply by choosing where they buy their coffee. It helps to humanise and break down stories and labels. “We’re not going to have social change in our society unless we have social enterprise as a part of it.”, says Cemal passionately. “Disrupting established marketers by adding the social element”. Away from the heartwarming stories, as a seasoned business professional Cemal is acutely aware of the reasons why businesses take on Change Please. There is a massive focus on quality and taste tests have been hugely successful when pitted along side other more well known brands. Also, the kudos and ability to win contracts by being associated with such a strong socially responsible cause has proved to be the number one draw for businesses. “It’s not always about 'doing the right thing' as people might think”. Cemal understands this and makes sure it works for everyone. Now expanding internationally and gaining increasing mainstream media coverage as they grow, this is one of life’s great stories. One of four enterprises, Cemal is not limiting himself to coffee. Hear more in this uplifting and powerful podcast about how a trip to Vietnam and 'seeing signs' led to such an incredible initiative. Smash The Box is a personal development business. Everything I do is with the aim of inspiring you to find your purpose so you can make your mark on the world. One way I do this is by sharing people’s stories. Inspiring stories that the world needs to hear. Stories of breakthroughs, of adversity overcome, of achievements, successes, of setbacks and turnarounds, of realisations and lightbulb moments. This audio experience is a natural and perfect complement to the existing services of Life Coaching, Leadership Coaching, Breakthrough Workshops and Inspirational Talks - all of which forms something quite unique and special. If you are looking to find your purpose in life, in work, or both, then don’t just think outside the box. It’s time to Smash The Box! Connect with us! www.smashthebox.me www.youtube.com/channel/UC7fEEvjX52qS928oyLGCtuQ www.facebook.com/SmashTheBoxMarkPitcher/ www.instagram.com/markpitcher_smashthebox/

On this day in 1995, 28-year-old derivatives trader Nick Leeson was arrested for defrauding his superiors at Barings Bank and for cheating the Singapore exchange.

"Es tut mir leid". Die Botschaft hinterließ Nick Leeson in seinem Büro. Dann floh er aus Singapur. Der Börsenhändler hatte die traditionsreiche Barings Bank im Alleingang ruiniert. Am 27. Februar 1995 war das britische Geldhaus pleite. Autor: Jörg Beuthner.

Lange Tradition - keine Kontrolle. Die britische Barings Bank finanzierte im 19. Jahrhundert den Krieg gegen Napoleon, galt als seriöses Geldhaus, eng verbunden mit der Krone - bis ein einzelner Angestellter das Unternehmen in den Ruin trieb. Nick Leeson hatte mit riskanten Termingeschäften einen Verlust von 1,4 Milliarden Dollar gemacht. Autor: Jörg Beuthner

25 years ago this week, Barings Bank, founded in 1763, was brought down by the calamitous and illegal trading activities of one of its futures traders, Nick Leeson. Working from their Singapore office, Lesson’s accumulated trading losses amounted to over £800 billion or close to $1.4 billion at the time. Leeson had been hiding trading losses for the previous 2 1/2 years in a false account he had created, the now infamous 88888 account. For a while these losses were of a size that was concealable, however in January 1995, the losses started to spiral out of control. Leeson had been placing a series of huge bets which relied on the Japanese Stock Market remaining relatively stable. However, the market was rocked when a huge earthquake struck the Japanese city of Kobe. As the losses started to mount, Leeson upped the ante, placing even larger bets, effectively doubling up, but the recovery never came, and the losses started to increase exponentially. Eventually, with no hope of recovering the losses, Leeson left a note which simply said, "I'm sorry" and he fled Singapore. An international manhunt followed, gripping the world’s media.After a few days, Leeson handed himself in to the German authorities, and was later extradited to Singapore where he was jailed for over 6 years alongside some of Asia’s most notorious triad gang members. Leeson was released a couple of years early in 1999 on health grounds after being found with colon cancer with a prognosis which was not favourable. In this frank and honest interview Leeson talks with AlphaMind podcast co-hosts Mark and Steve about his trading activities. He talks about his failings and those of the system around him. He tells of living with the stigma of being the world’s most infamous rogue trader. He talks about his time in prison, the mental challenges he faced, and how he rebuilt his life following his recovery from cancer and release from prison. Leeson also shares some lighter moments, including how he was hounded by tabloid journalists convinced he had hidden the lost money somewhere.Listeners may gain a new and somewhat surprising respect for Leeson after listening to this fascinating interview.

Watch the full episode for free here: https://londonreal.tv/e/nick-leeson/ Nick Leeson is better known as the “Rogue Trader”, who was made famous for causing the fall of Barings Bank in 1995 - arguably the biggest financial scandal of the twentieth century. After losing an estimated 826 million pounds trading derivatives, and causing the bankruptcy of Barings Bank, he was sentenced to six and a half years in a Singapore prison. During this time he wrote his autobiography “Rogue Trader”, which was made into a movie starring Ewan McGregor. Today Nick spend's his time advising major financial institutions around the world, ensuring they learn from your mistakes and maintain the correct compliance, control, and transparency. NICK LEESON: Website: https://www.nickleeson.com

Watch the full episode for free here: https://londonreal.tv/e/nick-leeson/ Nick Leeson is better known as the “Rogue Trader”, who was made famous for causing the fall of Barings Bank in 1995 - arguably the biggest financial scandal of the twentieth century. After losing an estimated 826 million pounds trading derivatives, and causing the bankruptcy of Barings Bank, he was sentenced to six and a half years in a Singapore prison. During this time he wrote his autobiography “Rogue Trader”, which was made into a movie starring Ewan McGregor. Today Nick spends his time advising major financial institutions around the world, ensuring they learn from your mistakes and maintain the correct compliance, control, and transparency. NICK LEESON: Website: https://www.nickleeson.com

W spekulacji i na rynkach ból jest świetnym nauczycielem. Jak to jest stracić wszystko? Obalić dwustuletni bank? Michael rozmawia z Nickiem Leesonem, nieuczciwym traderem, który podejmując niekontrolowane ryzyko, doprowadził do upadku Barings Bank, wywołując największy skandal finansowy XX wieku. Nick Leeson opisuje proces poszukiwania duszy w więzieniu, odbudowywania swojego życia oraz sposób, w jaki szkoli banki i korporacje w zakresie zarządzania ryzykiem.

On the final show of the series Pearse and Paddy interview notorious Rogue Trader, Nick Leeson. We discuss how he got his start in trading, and the infamous story of how he brought down Barings Bank, once the oldest merchant bank in England, through the famous 88888 account. We then talk about his new venture, Bizintra, discussing how he teaches fledgling traders, what the firm offers, and what the future holds for Nick and Bizintra.

--{ "Materialism = Societal Breakdown, Financial Mess, We All Pay for Our Rulers' Success." © Alan Watt }-- Visit My Website, www.cuttingthroughthematrix.com to Order Books and Discs and to Donate - Covering the Esoteric - Your Life is Short - Natural Sixth Sense - Materialism and the Worries of Surviving - You're Given Gurus and Stars - Old Religions gave Values and a Sense of Worth to People - Standard of Living - U.S. War for Independence - Intergenerational Revolutionaries - George Bernard Shaw; H.G. Wells; Fabian Society; Socialism versus Socialist; A Complete Reordering of Society - Communism - Soviet; Rule by Council - Beria, Chief of Secret Police in USSR, Talked about How Quickly People's Opinions and Values Could be Completed Changed - Easier to Control Society by Segmenting it into Groups - It Takes Work to Be a Good Human - Neighbors had to Help Each Other Before the Welfare System - Banning Speakers at Universities because of Their Views (Peter Hitchens) - The Importance of Free Speech - George Orwell's 1984; Surveillance; Wrongthought like Winston's Neighbor - Indoctrination - Nudge Units - Authorized Opposition Raking in the Money - Corruption Everywhere You Look - Greed - Bank Crashes and Corruption - Sudbury Weather, Ice Storm, High Winds - Two Recent Earthquakes, Sudbury - Underground Accelerator and Deep Underground Lab in the Area - Sudbury Policeman Charged with Discreditable Conduct for Exposing the Huge Pay Raises of Local Police Officials - Materialism; Me, Me, Me; Narcissism; Hedonism - Georgia Guidestones - Front Groups for Environmental Movement (Eugenics) - Thomas Jefferson, a Good Society can Only Be as Good as the Corruption They Tolerate from Those that Rule Over Them - Australia is Similar to Canada with the Old British Colonial System - Banking Scandals and Corruption in Australia and their Housing Bubble - Nick Leeson, Barings Bank; movie, Rogue Trader - Australia, Royal Commission Report on Banking Misconduct and Greed - MoD Bunker - Central Banks; IMF - 1MDB Scandal; Goldman Chief says He's Sorry and will Cut Bonuses - The Spiritual Side was About Improving Yourself and Changing Yourself - Death is the Great Equalizer - Franciscan Order, the Idea of St. Francis was to Serve Humanity - More Drugs than Ever, the Painless Concentration Camp - Aldous Huxley, Brave New World and Brave New World Revisited, Euthanasia - Opioid Strong Enough to Sedate Elephants on Rise in Ohio - Bankers - The Dominant Elite - BIT, Behavioural Insights Teams are Responsible for Most of Your Thoughts. *Title and Dialogue Copyrighted Alan Watt - Feb. 10, 2019 (Exempting Music and Literary Quotes)

My guest today is John Lin, the founder and CEO of Grasshopper, a high frequency trading firm providing liquidity in global markets. Grasshopper was founded in 2006 and is heavily driven by technology and innovation. After graduating with an Engineering degree from Cornell University, John worked his way up from a clerk position in the Chicago Mercantile Exchange. Since then, he's lived and traded internationally in London and Tokyo, and currently lives in Singapore. John is one of the last traders fortunate enough to have floor experience on the CME. He got a job as a runner on the CME floor in the early 1990's and from there he learned invaluable lessons on trading, discipline and respecting the market. The topic is Grasshopper Trading. In this episode of Trend Following Radio we discuss: Trading in the pits Nick Leeson Singapore legal system Barings Bank – 1995 High frequency trading Crypto currency Interfacing with technology Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

John Lin is founder and CEO of Grasshopper, a high frequency trading firm providing liquidity in global markets. Grasshopper was founded in 2006 and is heavily driven by technology and innovation. After graduating with an Engineering degree from Cornell University, John worked his way up from a clerk position in the Chicago Mercantile Exchange. Since then, he’s lived and traded internationally in London and Tokyo, and currently lives in Singapore. John is one of the last traders fortunate enough to have floor experience on the CME. He got a job as a runner on the CME floor in the early 1990’s and from there he learned invaluable lessons on trading, discipline and respecting the market. What made John so interested in trading in the pits? He saw the pits as capitalism ground zero. Over the years, with technology changing, John has had to adapt his trading style accordingly. John has gone through a gradual transformation in his trading – starting with his 15 year career on the trading floor where he interacted heavily with people to 100% computer driven high frequency trading. He has taken his experience from his early years of trading and poured it into his current companies. As a trader, you are taught you’re never bigger than the market. John knows he is always listening to the market when he trades, not trying to beat it. In this episode of Trend Following Radio: Trading in the pits Nick Leeson Singapore legal system Barings Bank – 1995 High frequency trading Crypto currency Interfacing with technology

If there's one person associated with the term "Rogue Trader" it's Nick Leeson, who singlehandedly brought down Barings Bank in the early 90s, following a series of efforts to cover up bad trades. After the collapse of the bank, he spent time in a Singapore prison. On this week's podcast, we talk to Nick about the experience, what he learned, and how he managed to rebuild his life. Correction: Corrects the spelling of Barings Bank in the description of the podcast.

Will medical marijuana be the next bitcoin? In this episode - why green is the new black - James Helliwell explains with forensic detail how he profited early by investing in the hardware around medical marijuana. He also talks about how he was able to remove himself from the herd and see the potential and the pitfalls of Bitcoin. As Chief Investment Strategist at the Lex Van Dam Trading Academy and an early adopter, James discusses his need for a vision, a rigorous investigation strategy and a good dose of optimism.www.theartfultraderpodcast.comJames Helliwell Website: https://lexvandam.com/James Helliwell Twitter: @James_LVDTA

In trading and markets, pain is a great teacher. So what does it feel like to lose everything? To bring down a two-centuries old Merchant bank? The Artful Trader's Michael McCarthy sat down with Nick Leeson, the original rogue trader, whose unchecked risk taking caused the collapse of Barings Bank in the biggest financial scandal of the 20th Century. In this episode, Nick Leeson describes the process of soul searching while in prison, rebuilding his life and how he now shares lessons about risk management to banks and corporations.www.theartfultraderpodcast.comNick Leeson website: https://www.nickleeson.com/Nick Leeson Twitter: @TheNickLeeson

Today, we talk fraud. If we think about some of the most prominent frauds in recent history – from the Bernie Madoff scandal, the LIBOR case or the collapse of Enron, they all seem to have a number of complexities to them. However, as you will hear, all fraud follows a simple logic. That logic is based on trust.  My guest is Dan Davies. Dan is a former regulatory economist with the Bank of England. He has worked at a variety of investment banks and always had a fascination with the many larger-than-life financial scandals in we have all hear about. Scandals like the collapse of Barings Bank caused by rogue trader Nick Leeson (and the subject of the film “Rogue Trader” featuring Ewan McGregor), the Swiss Nazi gold case, and many more. Such is Dan's fascination with fraud that he recently wrote a fascinating book on the topic entitled Lying for Money: How Legendary Frauds Reveal the Workings of Our World. This is a very readable book that gives you almost everything you need to know about fraud. Nassim Taleb, of Black Swan fame says that “if you want to learn to fend fraud, read this. And if you want to commit fraud…don't. But if you absolutely must, read this first.” We get into the various topics covered in the book including: The concept of the “optimum level of fraud” in and economy – this sounds counter-intuitive but because both fraud and economic growth depend on trust, there will always be a level of fraud in an advanced economy; The types and characteristics of fraud; The mechanics of different types of fraud, including lots of examples; Rogue traders; Why frauds have a “snowball effect”; The role of primal, human emotions in fraud Much more Show notes: Lying for Money – at Amazon's UK site Dan on Twitter Frontline Analysts Mentioned during the episode: The Barings Bank collapse The Nazi gold case The Savings and Loan scandal Silk road The Speed of Trust by Stephen Covey The Smartest Guys in the Room – The Amazing Rise and the Scandalous Fall of Enron by Bethany McLean and Peter Elkind The Hour Between Dog and Wolf by John Coates The 1980s Medicare fraud The UK Payment Protection Insurance (PPI) Scandal “ Enron's Open Secrets” by Malcolm Gladwell Fred Goodwin The Kray Twins Triumph of the Optimists by Elroy Dimson, Paul Marsh and Mike Staunton _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Get your free audio book and 30 day free trial at Audible: US listeners: get your free trial and audio book at Audible UK listeners: get your free trial and audio book at Audible _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ Like what you heard? Subscribe and/or leave a rating and review on iTunes: http://apple.co/1PjLmK Subscribe on Stitcher: http://www.stitcher.com/podcast/all-things-risk/the-all-things-risk-podcast Subscribe on Soundcloud: https://soundcloud.com/ben-cattaneo Follow the podcast on Twitter: https://twitter.com/RiskThings Drop us a note: allthingsrisk@gmail.com

This week on episode 108 of the Two Blokes Trading podcast: PART 2: Tom continues from where he left off with Nick Leeson. The conversation picks up right as they left it, discussing the strict laws enforced in Singapore before discussing the cocktail ‘The Bank Breaker’ that was named after him. Nick goes into how the losses mounted up for him, pretty much straight from the minute he got off the plane in Singapore. Nick talks about how he’s coped since that time and how he’s been able to find his way back to trading. Guest Interview with Rogue Trader ‘Nick Leeson’The 2nd part of Tom’s interview is with Nick Leeson, the infamous trader that broke Barings Bank by losing over £800 million, over twice the available trading capital of the bank.Nick was sentenced to 6 and a half years in a Singapore prison, although he was released early after being diagnosed with colon cancer. He has recovered and since written a number of books on his experience, while Ewan McGregor played him in the 1999 movie ‘Rogue Trader’. Today, he consults on risk management to investment and financial companies around the world, while still speaking on the after-dinner circuit. He also acts as the Head Trade Consultant at Bizintra Financial Academy. Main Topics Discussed: Tom and Nick share their opinions on Singapore’s chewing gum laws before the way to land a life sentence for carrying ‘a little’ heroin ‘The Bank Breaker’ in Harry’s on Boat Quay When everything went south, starting with the original errors that lead to the five-eights account Despite Nick wasn’t technically the first ‘Rogue Trader’, he still claims to be the ’original’ Rogue Trader How he used alcohol to avoid the realisation of what was happening Not Nick --> “A little bit of naughty business…a bit of false accounting with €7billion” Tom – “How could you possibly want to keep trading after an experience like the one you had?” Nick's total loss was £862million Nick dishes out some advice around how to deal with losing and more generally, the way to come to terms with something that isn’t natural Where can you find Nick Leeson?Website: http://www.nickleeson.comTwitter: @TheNickLeeson  Two Blokes SponsorToday’s episode is sponsored by Bizintra Financial Academy. Bizintra offers sponsored trading programmes that have been developed by professional traders. Don’t pay a fortune to learn how to trade. Simply sign up by using one of their partner brokers and receive trading education and signals by institutional traders.https://bizintra.com/twoblokes/  Want to Talk Shop with the Two Blokes Community?Go to www.twoblokestrading.com/discord and you will automatically be taken to our Discord invite page where you can log in or sign up to be directed to our group.Please keep it classy in a Two Blokes sort of way and feel free to contribute stuff of value. 

This week on episode 107 of the Two Blokes Trading podcast: PART 1: New Tom takes over for the first time and sips some of Two Bloke’s favourite Zacapa Rum with old trading friend, Gareth. Tom’s first guest is infamous Rogue Trader ‘Nick Leeson’, the man who broke Barings Bank back in the early 90’s Nick…

This week on episode 107 of the Two Blokes Trading podcast: PART 1: New Tom takes over for the first time and sips some of Two Bloke's favourite Zacapa Rum with old trading friend, Gareth. Tom’s first guest is infamous Rogue Trader ‘Nick Leeson’, the man who broke Barings Bank back in the early 90’s Nick explains how he climbed the ranks in Barings using Telex to make trades and how he ‘didn’t’ get involved in a £2million World Cup bet in Singapore. Part 2 of this interview will be released next week. Guest Interview with Rogue Trader ‘Nick Leeson’Tom (the new Tom) interviews Nick Leeson, the infamous trader that broke Barings Bank by losing over £800 million, over twice the available trading capital of the bank.Nick was sentenced to 6 and a half years in a Singapore prison, although he was released early after being diagnosed with colon cancer. He has recovered and since written a number of books on his experience, while Ewan McGregor played him in the 1999 movie ‘Rogue Trader’. Today, he consults on risk management to investment and financial companies around the world, while still speaking on the after-dinner circuit. He also acts as the Head Trade Consultant at Bizintra Financial Academy. Main Topics Discussed: Tom asks Nick for some gym and lifestyle advice and is told that kebabs and pints was the diet that led him to finish the London Marathon in about four and a half hours. Starting out in Lombard Street at Coutts Bank Nick explains the differences in the technology required to make trades back in the 90’s compared to the ability to trade on your phone nowadays. The Telex! Nick speaks about what the typical trader in Coutts was like and the lifestyle he had. Working through the night and finding a work/life balance as a trader “There’s always a World Cup book going around” – There was a $2million bet on Bulgaria not turning up to the semi final Where can you find Nick Leeson?Website: http://www.nickleeson.comTwitter: @TheNickLeeson  Two Blokes SponsorToday’s episode is sponsored by Bizintra Financial Academy. Bizintra offers sponsored trading programmes that have been developed by professional traders. Don’t pay a fortune to learn how to trade. Simply sign up by using one of their partner brokers and receive trading education and signals by institutional traders.https://bizintra.com/twoblokes/  Want to Talk Shop with the Two Blokes Community?Go to www.twoblokestrading.com/discord and you will automatically be taken to our Discord invite page where you can log in or sign up to be directed to our group.Please keep it classy in a Two Blokes sort of way and feel free to contribute stuff of value. 

On this week's episode of Risktory, I look at the anatomy of the Barings Bank collapse. Just how did one man bring down a 200 year old institution?Created, written and produced by Jacinthe A Galpin.Music Credits (sourced from www.freemusicarchive.org)Pipe Choir - Shhhame InstrumentalPipe Choir - Say It Any InstrumentalSound Effects (sourced from freesound.org)Oktober - Modem DialNew Report sourced from BBC and used under Fair Use provisions.

On this week's episode of Risktory, I look at the anatomy of the Barings Bank collapse. Just how did one man bring down a 200 year old institution?Created, written and produced by Jacinthe A Galpin.Music Credits (sourced from www.freemusicarchive.org)Pipe Choir - Shhhame InstrumentalPipe Choir - Say It Any InstrumentalSound Effects (sourced from freesound.org)Oktober - Modem DialNew Report sourced from BBC and used under Fair Use provisions.

Tags: phone, work, office, international, meeting, conversation, discussion, children, passion, path, focus, high school, video games, gamer, gaming, decisions, game development, online resources, technology, coder, programmer, electronics, software engineer, tutorial, cmd, productivity, skill, trade, redirection, career, tools, Nike, shoes, collection, Pokémon, Yu-Gi-Oh!, industrial engineering, internship, Beats, flight, Norway, networking, travel, backpacking, hiking, wander, college, gap year, university, airport, London, England, United Kingdom, restaurant, food, Cartagena, Columbia, consultant, expert, contact, super yacht, yachting, billionaire, deck hand, Suez Canal, Egypt, Rockefeller, books, reading, politics, economics, Spanish, Spain, insurance, brokerage, Lloyd's Market Association (LMA), J.P. Morgan, Morgan Stanley, Barings Bank, private banking, San Blas Islands, Panama, boldness Mentions: Nike, Beats, Nintendo, The Pokémon Company, Yu-Gi-Oh!, Toei Animation, Norwegian Air, Meetup, Couchsurfing, Fort Lauderdale International Airport (FLL), J.P. Morgan Chase, Morgan Stanley

We go back to 1995 and talk to those caught up in the collapse of Barings Bank, including Nick Leeson himself, the man whose £800m gamble went wrong.

Napoleon escapes his island exile on Elba, Rogue trader Nick Leeson brings the 233 year old Barings Bank to its knees, and Levis Strauss...On This Day

Today marks the kick-off edition of Mind Over Money, the only podcast that exposes the psychology of investing. I’m Kevin Cook, your field-guide and story-teller for the fascinating arena known as behavioral economics, which includes the sub-field behavioral finance and also draws in the related research from neuroscience, where brain imaging “sheds light,” if you’ll pardon the pun, on how we make decisions about money, uncertainty, and risk.   Jason Zweig described these merging fields in his 2007 book Your Money & Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich.   Zweig, as you may know, wrote for Money magazine for years and was the editor of the revised edition of Benjamin Graham’s The Intelligent Investor. He now writes for the WSJ. So he wasn’t just a journalist describing an investing fad. He’s schooled in classical investing methods and knew he was on to something of enduring importance when he either coined, or at least put on the map, the term “neuroeconomics.”   He opens his book, which I consider must-reading for all students of the market, this way…   “How could I have been such an idiot?” If you’ve never yelled that sentence at yourself in a fury, you’re not an investor. There may be nothing across the entire spectrum of human endeavor that makes so many smart people feel so stupid as investing does.   But actually, I didn’t discover Jason’s book until about 5 years ago. And I had been working on the same ideas as him prior to the financial crisis. In fact, I published part of my thesis that “Your Brain Wasn’t Made to Trade” in 2008 in an industry magazine called SFO, which stood for Stocks, Futures, and Options.   My objective with Mind Over Money is to inspire you to be nearly as interested in behavioral economics, behavioral finance, and neuroscience as Mr. Zweig and I both are. And of course, we both give you plenty of other experts and resources to aid in that endeavor. That’s because so many great and dedicated researchers came before us and created the invaluable insights of these fields.   My unique contribution is that before I discovered behavioral finance or became passionately interested in brain science, I was studying great traders and terrible traders, through their successes and their failures, on the trading floors of Chicago since the mid-1990s.   This Is Your Brain on Risk   There are a lot of forces and players on Wall Street that can separate you from your money. But our greatest financial enemy is often ourselves.   Three great areas of study give us insight about this self-sabotage: behavioral finance, neuroscience, and the collective wisdom of great investors and traders who discovered through hard-won experience what those two sciences now teach us.   When we study these areas, we can become more aware and better equipped to spot how our own minds and habits either get in the way or help us make better decisions when it comes to money, uncertainty, and risk.   One group of researchers studies people from the outside-in, the behavioral finance group, who owe much to the ground-breaking work of Daniel Kahneman and Amos Tversky in the 1970s.   The other group, the neuroscientists, studies our behavior from the inside-out, as they pinpoint what brain structures and functions are involved in different types of decisions and responses.   What happens when our minds meet markets has been a passionate area of interest for me for over 20 years, ever since I first walked on the trading floors of Chicago and watched the good, the bad, and the ugly among professional speculators.   So how did I come to the conclusion that “your brain wasn’t made to trade?” It’s a bold statement. But once I show you the evidence behind it, I bet you will agree.   The Era of Rogues and Geniuses   In 1995, when my trading career was first getting started, the oldest bank in the world collapsed because of the rogue actions of one employee. Founded in 1762, Barings Bank was wiped out by trader Nick Leeson who was taking on exceptionally large trades – and losses – in Japan’s Nikkei futures market.   And he was able to hide them for a time until the risk managers finally woke up and started to notice that accounts were not balancing.   At the time, it seemed people everywhere – from journalists and regulators to traders, bankers, and the man or woman on the street – were all shocked that something like this could happen.   I started tracking stories like this, especially as they seemed to be occurring more often. In 1998, we saw the biggest hedge fund failure ever – up to that time. It is dwarfed by comparison since then.   Long-Term Capital Management had to be bailed out by 16 Wall Street investment banks, in a campaign orchestrated by the Greenspan-led Federal Reserve, because their losses in interest rate sensitive markets around the globe were viewed as threatening to financial markets.   The bailout at over $3.5 billion is considered paltry by today’s “too big to fail” standards. But the truly notable dynamic was that the fund was run by some of the smartest minds on Wall Street, like Myron Scholes who had just won a Nobel prize in Economics the year before.   I also kept track of the big blow-outs I witnessed in the trading pits in Chicago. New floor traders would always come and go on a regular basis. But the surprises came when a 20-year veteran would suddenly vanish because he took exceptional risk that went way wrong and wiped out a multi-million dollar account.   Rogues, Gamblers, and Wizards: What can we learn from them?   As I watched the rogues and the blowouts, I also read about the great traders. Jack Schwager’s books about the Market Wizards are really required reading for anyone who wants to become a full-time trader. They are in-depth interviews with big successes like George Soros, Paul Tudor Jones, Michael Steinhardt, and options wizards like Blair Hull.   As I read these dozens of interviews across 3 of Schwager’s books, I found six themes all these great traders and investors had in common. I’m going to list them for you because even before I had ever heard of behavioral finance or became interested in brain science, these “street-smart” winners had cornered the market on the principles of being in command of their own minds and trading behavior:   1.    Psychology: emotional decision-making was a paramount discovery 2.    Discipline: having lost big without them, rules became lifesavers 3.    Risk Management: the “golden rule” is to cut losses quickly and let winners run 4.    Probability: repeatable methods & mechanics of risk/reward evaluation 5.    Consistency: steady compounding was better than windfalls and wipeouts 6.    Systems: putting the first 5 together in routines of planning & preparation When I became a professional currency trader in 1999 upon the introduction of the euro, I noticed that even bank traders were an emotional and irrational bunch. As I studied the two sciences, I concluded that our brains were “hard-wired” to break the “golden rule” of trading.   In other words, our fear-driven, excitable, and emotional brains preferred (1) to avoid losses at all costs (so we would only take them when it was almost too late) and (2) to take gains quickly. This irrational and upside-down approach to risk/ and reward was the mathematical road to insolvency.   So I started researching how to train “trader brains” and I developed a probability simulation called Masters of PROP: Probability, Risk, and Optimal Profit. That trader training never goes out of date because its subject material, human brains, remain irrational, decade after decade.   Is It All Just About Greed?   So if the Market Wizards principles of the world’s best traders and investors worked so universally, what were the rogue traders and reckless fund managers doing – just the opposite?   Well, it’s a little more complicated than that. Because while there might be a half-dozen ways to do things right, there are many dozens, if not hundreds, of ways to make our money go away.   What always gets highlighted with rogues and “geniuses” that fail is that they were just greedy. But as I put together my thesis that “Your Brain Wasn’t Made to Trade” in the early 2000s, I came up with 3 more distinct and important drivers of financial bad behavior…   #1: Ego and the desire to be seen as “the great trader.” This was evident in so many of the rogue trader stories, like John Rusnak accumulating $700 million in losses for Allied Irish bank between 1997 and 2002.   #2: Irrational or immature beliefs about money, success, self-worth, and happiness such as “I deserve it!” or “This needs to happen now!” or “Once I win this back, I’ll make everything right again.” This kind of stuff tends toward either unconscious or full-blown narcissism with lots of emotional immaturity in between.   #3: Ignorance or lack of skill with probability   The primary reason I think we gain so much from studying rogues and other reckless gamblers is because what the rogue does to a billion dollars of other people’s money, we can do to our own accounts if we are not aware of our mental habits and cognitive biases as they impact our decision-making with money and risk.   And here, I have a confession to make.   While I could be as guilty as any investor-trader of any of these faults, the one I knew I had to immediately do something about was Probability. As a trading floor clerk in the late 1990s, I realized I had to make up for my lack of understanding and skill with probability.   And since equations were not my favorite things in high school or college, I found that the stories of how probability was invented and how it was used – in the options markets, in Vegas, in sports, and in weather modeling – pulled me in and gave me a practical way to learn the math I needed to know.   I must have read the stories of how Pascal and Fermat invented modern probability theory in the 1650s a dozen times before it started to sink in and I could make sense of all the equations that came after.   But you’re probably still wondering where I get the nerve to say Your Brain Wasn’t Made to Trade?   It’s all in this week’s podcast.   And be sure to check out my weekly video where I expose the psychology of investing with behavioral and cognitive biases. My most recent gives a great example of mental accounting.

Everyone was told to trust the system and be happy: “Save your money and interest income will be your retirement.” This has come to be completely untrue and people are collectively beginning to wise up, as seen in Brexit. Michael goes into a timeline of market crashes illustrating trend following success: 1973-1974 stocks go down 50% and trend following kills it. 1987, known as Black Market Monday, US stocks go down 20%+ in a day and trend following kills it. Barings Bank collapses spring of 1995, trend following kills it. August 1998, Long Term Capital Management craters, and trend following made a fortune. It was almost a zero sum transfer from LTCM to trend followers in August of 1998. Spring of 2000, the dot com bubble bursts and trend following cleans up again. 2002 was one of the best trend following performance years ever. After 2002 another bubble is built and when it burst in October of 2008, trend following had outstanding performance results yet again. When the majority of people think the world is ending, trend following is reaping the profits. Brexit? Yes, too. Nobody can predict the future but if you want to play the game, you have to place bets. Trend followers were in established trends once Brexit hit. They do not predict, but they have educated bets. Michael ends with one question, “What side are you going to be on? The side of the winners or the side of the losers?” It’s your choice. In this episode of Trend Following Radio: Boom and busts Brexit Certainty in markets

Episode 5: In conversation with Nick Leeson Conor Devine interviews , Nick Leeson, 21 years after the fall of Barings Bank and asks the question; "What has changed in that time?" Nick offers some serious advice to everyone when it comes to those moments of adversity, making the important decisions and sustaining focus.

It's 20 years since a precocious trader brought Britain's oldest merchant bank to its knees. In this edition of The Reunion, Sue MacGregor brought together Nick Leeson and his former boss Peter Norris for the first time since the bank's spectacular demise in 1995. (An extract from 'The Reunion', first broadcast on 12/08/11)

Clifton and Jayson discuss the Black-Scholes formula, computerized trading, Ron Paul, and why Google should give up control of Android.Links:The legacy of Black-ScholesNick Leeson's Magical Derivatives TourHeros, Sensations, and DroidsAmazon pwns GoogleEpisode 6 - All Your Banks Are Belong To UsImage: Idea go / FreeDigitalPhotos.net