The Rogue Trader

Beschreibung

He hid a small loss to save his bonus. Then he doubled his bets until he lost the bank that financed Napoleon.
Barings Bank was the oldest merchant bank in London. It financed the Napoleonic Wars and held the Queen's money. In 1995, it was sold for £1. Why? Because a 28-year-old trader named Nick Leeson had secretly lost $1.3 billion betting on the Japanese stock market. Leeson wasn't an evil genius; he was a frantic young man trying to hide a small mistake in a secret account numbered "88888". As the losses grew, he doubled down, hoping for a miracle, while his bosses in London praised his "profits." This book details the psychological pressure of the "Doubling Down" fallacy and the total failure of corporate oversight. It is a terrifying look at how a single unchecked employee can bring down a 233-year-old institution.

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James T. Percival
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Finance Crime History Banking Risk Management

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