All That Glitters: The Fall of Barings: Amazon.co.uk: John Gapper, Nicholas Denton: 9780140261233: Books

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Product Description

This is an account of the fall of the House of Baring. Financial Times journalists John Gapper and Nicholas Denton have interviewed all the major players involved in the collapse of one of England's oldest banks. This book reveals the faustian deal struck between the whizz-kid traders who seemed to be bringing in huge profits and the grandies who were happy to pocket them without asking too many questions. For the first time, the actions and motives of all the participants are explained, including the final days when politicians and bankers made a last-ditch attempt to save the bank, as well as Nick Leeson's actions and motives.

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Customer Reviews

9 Reviews

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Average Customer Review

4.2 out of 5 stars (9 customer reviews)

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5 of 5 people found the following review helpful:

5.0 out of 5 stars Vivid and authoritative, 3 April 2000

By A Customer

This review is from: All That Glitters: The Fall of Barings (Paperback)

'All That Glitters' is an absorbing, objective and necessary antidote to Leeson's own 'Rogue Trader', which, it would seem, was as misleading as it was readable. The authors don't take sides, though: while Leeson's account is largely discredited, the bank's management is far from exonerated and the book covers much more than the events that took place in Singapore.

As well as the drama of the abortive rescue attempt, we are shown the impressive history and unimpressive politics of Barings, yet none of this feels redundant. Leeson's lack of accountability flowed directly from Barings' divided and incoherent cultures, and managers were blind to the cash pouring out of the bank. This may have been more than greed and complacency: Barings, once a global player in merchant banking, had been falling badly behind since the war. Their apparently spectacular success in Singapore represented a chance to reclaim a painfully lost grandeur, and there was an institutional reluctance to ask questions.

Most of this book is a case study of mismanagement in a large organisation, with little that is unique to the finance sector. The research is thorough and the presentation by the authors, two journalists from London's Financial Times, is often gripping. There is a real sense of the heady rush of quick wealth and spiralling losses on a mid-nineties trading floor.

Naturally, much space is devoted to dissecting the activities of Nick Leeson, and here the sheer scope of his deceptive abilities becomes apparent. His own book makes a credible case that the losses arose from trading errors, and reached a monstrous scale through the unpredictable power of the futures markets. This would appear to be rather less than a half-truth: most of his losses were deliberately created and hidden so that he could offer better prices to customers, and so build his standing on the exchange.

The rest of the cast is enjoyably eclectic: testosterone soaked traders, ineffectual politicians and an oil-rich Sultan all make a play here, but it is the warring bankers within Barings that make this such a compelling and vivid tale.

And this is the book's real strength. By letting the story drive the narrative, it can be authoritative without sacrificing readability. It avoids sensationalism and projects integrity - that it is an entertaining and satisfying read as well is a bonus.

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2 of 2 people found the following review helpful:

4.0 out of 5 stars A Fascinating event ., 8 Aug 2000

By A Customer

This review is from: All That Glitters: The Fall of Barings (Paperback)

Like most other readers of "Rogue Trader" I rather sympathised with Nick Leeson and saw him more of a victim of circumstance than a real criminal, an honest Joe who got way out of depths, however, after reading this book I see that he merely took advantage of very hazy reporting lines to try and forward is position and stature within Barings and SIMEX. The first chapters that deal with the gradual uncovering of increasingly unbelievable losses and the attempted rescue are high drama. The end chapters that reach an incredible finale just as Leeson's losses are about to be discovered and rumours abound that Barings is about to fold are fascinating , the telephone transcripts of conversations between the main players as the scale of Leesons positions starts to put enormous pressue on the funding sections defy belief.

A fantastic read, a fascinating subject.

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1 of 1 people found the following review helpful:

5.0 out of 5 stars A fantastically researched book, 27 Aug 2001

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James (Aylesbury, Bucks United Kingdom) - See all my reviews

This review is from: All That Glitters: The Fall of Barings (Paperback)

Having read 'Rogue Trader' I was already well informed of the various issues concerning the collapse of Barings. This book provided me with a completely different view on the events that lead to Barings demise. This book also provides you with a detailed insight into the creation of Baring Securities which is equally compelling. After reading Rogue Trader I felt almost sorry for Leeson, especially as I have personally lost money trading securities and derivatives. However 'All that Glitters' exposes almost exactly what he did and I now have a much more balanced opinion on the whole situation. A fantastic read, superbly researched and written. Congratulations!!

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Most Recent Customer Reviews

3.0 out of 5 stars Pretty good
A good and well researched account of the collapse of Barings.
The writing style was a bit dull on occasion and it did seem slightly smug and condescending... Read more

Published 14 months ago by The Emperor