Opinion
My fraud cost $US1b. Now I’m calling out Macquarie
The rogue trader that cratered the UK’s oldest bank 30 years ago says the conduct of Travis Klein shows compliance is still a huge problem.
Nick LeesonThis February marks 30 years since my rogue trading rocked the financial system and cratered Barings, Britain’s oldest and most venerable bank.
I racked up $US1 billion in losses right under the noses of Barings’ management and compliance teams, staking vast sums of the bank’s cash in a desperate attempt to dig myself out of an ever-deepening hole. The walls came crashing down a day after my 28th birthday, with the bank declared insolvent while I fled to Singapore hoping to avoid arrest.
Bloomberg Opinion
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