Page 268 - A Banker Down the Rabbit Hole

Leeson to have cancer operation
Leeson is serving a six-and-a-half year jail sentence. The disgraced former
trader Nick Leeson has left prison after being moved to a civilian hospital
for cancer treatment. The 31-year-old, who is in prison in Singapore after
he brought down Barings Bank, is suffering from colon cancer which has
extended to his lymph nodes, raising fears that it could infect his vital
organs. Leeson has been moved from Singapore's Changi Prison hospital
to Changi General Hospital where his condition is described as "very
serious". The former trader as reported has just a 50-50 chance(s) of
survival.

Nick Leeson was jailed for fraud following the collapse of Barings Bank
in 1995. He had run up losses of £850m (USD 1.35 bn) on the Far East
stock markets that led to collapse of the bank. Barings Bank was
purchased by ING for £1.00 shortly after it was determined that the bank
did not have enough capital on hand to cover its debts.

The excerpts from the following news report are a master piece primer
in itself to learn the detailed modus operandi and the sequence how Nick
Leeson lost so much money that liquidated his bank. It makes an
interested reading.

U.S. Edition

Search All NYTimes.com

THE COLLAPSE OF BARINGS: THE OVERVIEW
THE COLLAPSE OF BARINGS: THE OVERVIEW; Young Trader's $29 Billion
Bet Brings Down a Venerable Firm
By RICHARD W. STEVENSON,

Published: February 28, 1995

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