Pressure, pace, error: ROGUE TRADER grippingly tells the inside story of how the greatest gamble ever made rocked the City of London to its foundations. Crackling with tension, in a narrative as crisp as any thriller, Nick Leeson's autobiographical account reveals how he 'lost' £800 millions as General Manager of Baring Futures Singapore through foolhardy speculations on behalf of his employer, Barings Brothers - the world's first merchant bank. As Leeson's audacity escalated, so did his losses while London continued to pour money down the drain. ROGUE TRADER is a dazzlingly revealing story of a man shaped by events that proved beyond his control.
Rogue Trader
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Amazon Review
When Nick Leeson was arrested in 1995 for bringing Barings Bank to its proverbial knees, it initially seemed as if he had single handedly crushed this most well-established and well-respected financial institution, and indeed it was he alone who found himself in a Singapore jail serving time for deceiving the auditors of Barings in a way "likely to cause harm to their reputation" and to cheating SIMEX (Singapore International Money Exchange). In Rogue Trader Leeson tells his own story with more than a hint of the bitterness--and, at times, suspended belief--of an ordinary Joe from Watford made scapegoat by a cast of characters who may not have been guilty by design, but certainly appear to be guilty of simply not adhering to the basic procedures which would have picked up any discrepancies long before any real damage was done. Hard to feel sorry for such wheeler- dealers, perhaps, and certainly hard to feel sorry for Leeson, but he manages to successfully tell an incredible story which moves at breakneck speed from his appointment as General Manager for Barings in Singapore to his fast and furious downfall, which began as a simple cover-up of a mistake by an inexperienced member of staff and ended in multi-million pound fraud, with earth-shattering repercussions across the financial markets of the world. Anyone who ever wondered how one man could do so much damage will find the explanation between the pages of Rogue Trader, but more than that they will also find a hugely compelling, tense and decidedly hair- raising story that defies imagination to the point where, if it had been written as fiction no one would ever believe it. --Susan Harrison
Review
Hair-raising...as revealing a document about contemporary Britain as all 2,000 pages of the Scott Report - OBSERVER (The story of Leeson and his bride has it all: filthy lucre, brazen abuse of power, and boy-meets-girl romance - SUNDAY TIMES )
Simultaneously entertaining and appalling - FINANCIAL TIMES ('When Nick Leeson was arrested in 1995 for bringing Barings Bank to its proverbial knees, it initially seemed as if he had single handedly crushed this most well-established and well-respected financial institution, and indeed it was he alone who found hi )
Susan Harrison, AMAZON.CO.UK REVIEW
Simultaneously entertaining and appalling - FINANCIAL TIMES ('When Nick Leeson was arrested in 1995 for bringing Barings Bank to its proverbial knees, it initially seemed as if he had single handedly crushed this most well-established and well-respected financial institution, and indeed it was he alone who found hi )
Susan Harrison, AMAZON.CO.UK REVIEW
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IT WAS MY BIRTHDAY but the white-water rafting was shut. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Back Cover
IT WAS MY BIRTHDAY but the white-water rafting was shut. Read the first page
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Most Helpful Customer Reviews
7 of 7 people found the following review helpful
Format:Paperback
I was stuck in an airport lounge with a delayed flight and a teeny bookshop, so I picked up this, thinking "aha! smug city twat has a miserable time! I'll enjoy this!" In fact, the honesty and sheer guilt of the book completely turned me around. When the SFO won't let him do his sentence in England to save EMBARRASSMENT, it's even tragic- particularly, too, the homages to his wife, who of course subsequently divorced him.
It's like being seven again and doing something bad and waiting for your father to come home- except he felt that way for *two years*. This book reads like a car crash- gripping, horrifying and difficult to keep your eyes away from. Recommended.
8 of 9 people found the following review helpful
By N. W. Field
Format:Paperback
Viewed purely as a work of literature, this book falls at almost every hurdle. As a character, Leeson fails to capture the reader's sympathy or to demonstrate much real insight into the world around him. The written style is un-distinctive, and no better or worse than most reportage. Had the events in this book not occurred, it would be just another rather forgettable first novel.
However, this is the real historical record of the inner thoughts and motivations of one of the first real screwups of the age of 'modern' (ie. post big bang) finance. As such, Leeson's first person perspective is hugely interesting to anyone with an interest in finance and financial history. The lessons of this book will not be surprising to anyone with an understanding of the sector, but the first person view of the mind of a fraudster brings academic theories of fraud risk graphically to life. I would say that anyone with an interest in risk governance in the financial sector, particularly trading operations, will get something out of this book. Amongst the narrative there is enough technical discussion for some truly unbelievable facts to pop out; By the time Leeson's position finally collapsed, the margin calls on it had sucked more than half of Baring's entire core capital into the Singaporean trading unit. Whilst Leeson's continuous self justification is obviously rather self serving, in this area he does have a point; Baring's was clearly an institution that had outgrown its internal controls in a big way.
Non-technical readers may get less out of this book for two reasons: In order to get to the fundamental story behind Baring's collapse you have first to read Leeson's fairly uninteresting life story. The second, and most important weakness is Leeson's character.... Read more ›
However, this is the real historical record of the inner thoughts and motivations of one of the first real screwups of the age of 'modern' (ie. post big bang) finance. As such, Leeson's first person perspective is hugely interesting to anyone with an interest in finance and financial history. The lessons of this book will not be surprising to anyone with an understanding of the sector, but the first person view of the mind of a fraudster brings academic theories of fraud risk graphically to life. I would say that anyone with an interest in risk governance in the financial sector, particularly trading operations, will get something out of this book. Amongst the narrative there is enough technical discussion for some truly unbelievable facts to pop out; By the time Leeson's position finally collapsed, the margin calls on it had sucked more than half of Baring's entire core capital into the Singaporean trading unit. Whilst Leeson's continuous self justification is obviously rather self serving, in this area he does have a point; Baring's was clearly an institution that had outgrown its internal controls in a big way.
Non-technical readers may get less out of this book for two reasons: In order to get to the fundamental story behind Baring's collapse you have first to read Leeson's fairly uninteresting life story. The second, and most important weakness is Leeson's character.... Read more ›
7 of 8 people found the following review helpful
By A Customer
Format:Paperback
There's always something compelling about reading someone's account of getting themselves deeper and deeper into mortal trouble. Then add the racy dark humour that is peppered throughout the book as Nick Leeson looks back on his futile attempts to rectify his increasingly desperate trading situation, whilst those around him are oblivious to the impending disaster. The narrative cleverly reveals just enough detail to vividly depict the general atmosphere of things without being bogged down in flowery descriptions, helping to maintain a good pace.
This is a classic story of a classic dilemma - what to do if you (or someone you are responsible for) makes a serious mistake. Do you face the immediate consequences and come clean with those affected by the mistake, or do you work around it and try and remedy the mistake before anyone finds out, whilst risking making things even worse? Whatever the morals of the decisions Nick made in response to such a dilemma, one just can't help but empathise and be swept up in his predicament.
The fact that it all happened for real makes this book so much more gripping than some trashy corporate thriller. You are likely to finish it within days, if not in a single sitting as I did. And read it again only a few months later.
12 of 14 people found the following review helpful
By A Customer
Format:Paperback
Nick Leesons interpretation of the events that lead to Baring's demise is gripping and funny.
His description of his rise from a back office settlement clerk is remarkable if only for the simple fact that it happened in the first place.
He takes you on a intense and exciting ride from the start of the book. It's obvious that he made mistakes and the consequences lead to many people being unemployed. But, doesn't the fact that it was allowed to happen make you think on a wider scale? Were old Merchant Banks chasing the 'quick buck' without much knowledge? Would it have happened in another bank? Then ask if it was a mixture of Nick Leesons greed and Barings terrible infrastructure.
His description of his rise from a back office settlement clerk is remarkable if only for the simple fact that it happened in the first place.
He takes you on a intense and exciting ride from the start of the book. It's obvious that he made mistakes and the consequences lead to many people being unemployed. But, doesn't the fact that it was allowed to happen make you think on a wider scale? Were old Merchant Banks chasing the 'quick buck' without much knowledge? Would it have happened in another bank? Then ask if it was a mixture of Nick Leesons greed and Barings terrible infrastructure.
Terrible mistakes, written in a excitingly brilliant way.
I definitely recommend this book.
1 of 1 people found the following review helpful
By Gcrikey
Format:Paperback|Amazon Verified Purchase
why o why didn't we learn from his mistakes. i don't want to rehash old news - but if you have been living on mars for the past 20 odd years nick leeson bought down barings bank with dodgy trades - this book is an enjoyable read because nick tells us exactly what happened - what caused him to do this, how he got away with it for so long and in his own words. if we had actually learnt from his mistakes maybe we wouldn't be in this financial mess at this current time...?
1 of 1 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
I read this book as preparation for a lunch I was having with Nick Leeson himself.
The book highlighted to me that banking has a side to it that really should not be allowed. It is just gambling minute by minute, hour by hour and every day with savers money. They pay to get the best gamblers to do it. That activity does not add any value other than entertainment. The book highlights that very well. Nick comes across as a victim of both himself and his circumstances. After meeting him I realized he was just an ordinary bloke and a nice one at that. I found the book a great read.
Brian
The book highlighted to me that banking has a side to it that really should not be allowed. It is just gambling minute by minute, hour by hour and every day with savers money. They pay to get the best gamblers to do it. That activity does not add any value other than entertainment. The book highlights that very well. Nick comes across as a victim of both himself and his circumstances. After meeting him I realized he was just an ordinary bloke and a nice one at that. I found the book a great read.
Brian
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Most Recent Customer Reviews
5.0 out of 5 stars
Drinks are on me.
Been waiting for a while for it to be released on my Kindle. I've worn out my paperback. A fantastic story of greed, denial and gross mismanagement. Read more
Published 16 days ago by paul coulthard
4.0 out of 5 stars
A very interesting self justification, yet eye opening!
There is plenty, I learnt from this book, in the very specific order of below:
1. Ways of justifying a behaviour which is obviously very non justifiable
2. Read more
1. Ways of justifying a behaviour which is obviously very non justifiable
2. Read more
Published 25 days ago by sachini
5.0 out of 5 stars
Fascinating
Where ever the real truth lies, Leeson tells a good story and an interesting insight into life as a trader
Published 4 months ago by Steve
5.0 out of 5 stars
Rogue Trader
The book was fantastic I thoroughly enjoyed it was amazed how easy it was to get into really deep water
Published 4 months ago by susan j taylor Susan J Taylor
3.0 out of 5 stars
Okay but predictably self-serving
It is certainly a fascinating story and it is interesting to get Leeson's side of the story. He certainly isn't the only one to blame but I did get the impression that he wasn't... Read more
Published on 12 Dec 2010 by The Emperor
5.0 out of 5 stars
Rogue Trader
Fascinating read. If even 10% of what Nick Leeson says is true, Barings got what they deserved. Particularly interesting to read this in the light of what's happening in the... Read more
Published on 7 Jun 2009 by J. S. Partington
4.0 out of 5 stars
Extraordinary
The extraordinary tale of how one man brought Britain's oldest bank to the point of collapse, without any of his superiors even being aware of the situation. Read more
Published on 7 Jan 2005 by R. P. Sedgwick
3.0 out of 5 stars
Bank Gambling Without Limit
Nick Leeson seems to have been a chap without much formal education (even by today's piss-poor standards), no huge curiosity about the world, but some cunning and a lot of facility... Read more
Published on 18 Aug 2004 by Ian Millard
2.0 out of 5 stars
Time has granted disenchantemnt
With the fever of Barings' collapse in mind this book may have seemed fascinating. At a distance of a few years we can tell that Nick Leeson spends most of the book whining that it... Read more
Published on 14 April 2003 by Ali Robertson
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