Nick Leeson was held responsible for the fall of Barings Bank, one of the oldest merchant banks in the UK. Leeson was a derivatives trader who single-handedly caused the collapse of the 233-year-old financial institution in 1995.

Leeson's unauthorized speculative trading in futures contracts led to massive losses that eventually bankrupted Barings Bank. He was able to hide his losses for years by creating fake accounts and falsifying trading records.

The collapse of Barings Bank sent shockwaves through the financial world and raised serious questions about the oversight and risk management practices within the banking industry. It also highlighted the dangers of unchecked risk-taking and the potential consequences of rogue traders.

After the collapse of Barings Bank, Nick Leeson fled to Malaysia but was eventually arrested and extradited to Singapore, where he was sentenced to six and a half years in prison. He has since written a book about his experiences and now works as a motivational speaker, sharing his story as a cautionary tale for others in the financial industry.

The fall of Barings Bank serves as a stark reminder of the importance of proper risk management and oversight in the banking industry. It also underscores the need for transparency and accountability to prevent similar incidents from happening in the future.

For more information on the collapse of Barings Bank and Nick Leeson's role in it, you can visit the following links:

• Investopedia - Barings Bank
• The Guardian - Nick Leeson 20 years after Barings Bank collapse

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