Bloomberg Daybreak: Europe Edition US-Russian Sanctions & Rogue Trader Nick Leeson Interview
Feb 21, 2025
In this discussion, guest Nick Leeson, the former rogue trader behind the Barings Bank collapse, shares his insights on current financial ethics and the increasing calls for deregulation. He reflects on the lessons from his past, emphasizing the importance of compliance and risk management today. Rosalind Matheson, Bloomberg’s EMEA News Director, analyzes the shifting dynamics of US-Russian relations amidst sanctions and the war in Ukraine, adding context to recent geopolitical tensions involving Israel and Hamas.
AI Snips
Chapters
Transcript
Episode notes
Barings Bank Collapse
- Nick Leeson, at 28, caused the collapse of Barings Bank due to $1.4 billion in trading losses.
- This led to prison time and a Hollywood movie adaptation of his book.
Advice to Potential 'Rogues'
- Stop if you're in a similar situation; it's not worth the consequences.
- Getting another job is easier than repairing a damaged reputation.
Improved Controls, Lingering Risks
- Systems and controls in finance are much better now than 30 years ago, with increased staffing in compliance and risk management.
- Despite improvements, recent events like the Macquarie incident with fictitious trades raise concerns.