
	Where results make sense

Topic: Barings Bank

Related Topics

List of banks

Barings

Rogue Trader

Nick Leeson

Lloyds TSB Bank

Clydesdale Bank

ING Group

Bank of England

Great Hanshin earthquake

Bank of Credit and Commerce International

Barclays Bank

HSBC

Straddle

Building society

Gold standard

In the News (Fri 11 Dec 09)

Northern Trust

Marvin Harrison

Peter Chernin

Gary Locke

Match Play

Penelope Cruz

Mickey Rourke

AR Rahman

Danny Boyle

Hugh Jackman

	Barings Bank - Wikipedia, the free encyclopedia
		Barings Bank, previously known as Baring Brothers and Co., was the oldest merchant banking company in England, having been founded in 1762 by Sir Francis Baring.
		The descendants of the original five male branches of the Baring family were all appointed to the peerage with the titles Baron Revelstoke, Earl of Northbrook, Baron Ashburton, Baron Howick of Glendale and Earl of Cromer.
		Barings was purchased by the Dutch bank/insurance company ING after its collapse for the nominal sum of £1 and assuming all of Barings liabilities, and therefore no longer has a separate corporate existence.
	en.wikipedia.org /wiki/Barings_Bank (512 words)

	Barings Bank
		Barings Bank, previously known as Baring Brothers & Co., is the oldest merchant banking company in England, having been founded in 1762.
		Baring collapsed on February 26, 1995, due to the activities of one trader, Nick Leeson, who lost $1.4 billion by gambling on the Tokyo Stock Exchange.
		Barings was purchased by the Dutch bank/insurance company ING after its collapse and no longer has a separate corporate existence.
	www.ebroadcast.com.au /lookup/encyclopedia/ba/Barings_Bank.html (141 words)

	Barings Bank Collapses
		The Barings debacle is just the latest and most dramatic event in a string of huge trading losses over the past year based on the sale of derivatives, a range of sophisticated and complex financial products that, depending on how they are used, can either reduce or greatly magnify risk.
		Two major Canadian banks, however - the Royal Bank of Canada and the Canadian Imperial Bank of Commerce - are now building large derivative trading operations in New York City so that they can provide a broader range of financial products to their corporate clients.
		And yet, Barings was no newcomer to the complexities of international markets, where it has been active since its founding by Francis Baring in 1762.
	www.thecanadianencyclopedia.com /index.cfm?PgNm=TCE&Params=M1ARTM0010408 (1608 words)

	Barings
		Barings Bank had a long history of success and was much respected as the UK's oldest merchant bank.
		March 1995: The Dutch Bank ING agrees to purchase Barings for 1 pound and assume all of its liabilities (Bull, 1995).
		If Barings' auditors and top management had understood the trading business, they would have realised that it was not possible for Leeson to be making the profits that he was reporting without taking on undue risk, and they might have questioned where the money was coming from.
	www.erisk.com /Learning/CaseStudies/Barings.asp (1153 words)

	BBC - Crime Case Closed - Nick Leeson (Site not responding. Last check: 2007-11-07)
		Barings believed that it wasn't exposed to any losses because Leeson claimed that he was executing purchase orders on behalf of a client.
		Dutch bank ING agreed to assume nearly all of Barings' debt and acquired the bank for the princely sum of £1.
		The Bank of England concluded in its report, that the hot-shot trader managed to pull the wool over his superiors eyes until it was too late to save the bank.
	www.bbc.co.uk /crime/caseclosed/nickleeson.shtml (1362 words)

	Nick Leeson - Wikipedia, the free encyclopedia
		Nicholas Leeson (English, born February 25, 1967) was formerly a derivatives trader; his unsupervised speculative trading caused the collapse of Barings Bank, the United Kingdom's oldest investment bank.
		In the early 1990s Leeson was employed by Barings, and was appointed manager of a new operation in futures markets on the Singapore International Monetary Exchange (SIMEX).
		While he had authorization for the January 16th short straddle, he was charged with fraud for deceiving his superiors about the riskiness of his activities and the scale of his losses, although some observers have placed much of the blame on the bank's own deficient internal auditing and risk management practices.
	en.wikipedia.org /wiki/Nick_Leeson (589 words)

	ING Barings downgrades Singapore bank bonds
		It said Singapore banks are going to be worse hit compared to the 1997-1998 crisis when their regional rivals bore the brunt of the financial meltdown.
		ING Barings said NPL levels could rise to more than 11 percent in the second-half of 2002, and the prospect of an even higher level of NPLs in 2003 was strong if the economy remained sluggish.
		The bank is forecasting the Singapore economy to shrink 3.2 percent this year, worse than the 3.0-percent contraction projected by the island's government.
	www.singapore-window.org /sw01/011127af.htm (196 words)

	Barings Bank's Collapse
		Barings collapsed as it could not meet the enormous trading obligations, which Leeson established in the name of the bank.
		Barings was thus not arbitraging between SIMEX and the Japanese exchanges but taking open (and very substantial) positions, which were buried in account '88888'.
		This is tantamount to allowing the person who works a cash-till to bank in the day's takings without an independent third party checking whether the amount banked it at the end of the day reconciles with the till receipts.
	www.karvy.com /articles/baringsdebacle.htm (1409 words)

	Short Stories: Fraud
		Barings Bank was puzzled by this unusual request and they carried out an internal spot audit in February 1995.
		Barings finally collapsed within a matter of months and was bought for £1 by a Dutch banking and insurance group called ING.
		Any bank that pays extremely high interest rates on deposits is obviously charging an even higher interest rate on the loans it makes, and adverse selection predicts that only those companies with a high possibility of default are willing to pay such high interest rates.
	www.bu.edu /econ/faculty/kyn/newweb/Ec341_money/Assignments/stories_fraud.htm (5748 words)

	Asia Pacific Parliamentary Forum
		ING Barings describes the government’s negotiating position as a “tough decision to make, whether or not its rationale was justified on the grounds of establishing an efficient power-producing sector and preventing a potential monopoly”.
		The banks are predicting a strong recovery of economic activity during the second semester of 1998, especially in those sectors most affected by the El Niño phenomenon.
		With the exception of SG Cowen (4.5%), all banks are predicting at least a 5% growth for 1999, possibly one of the highest in the region according to Morgan Stanley.
	www.appf.org.pe /meeting/seven/erep2.htm (2021 words)

	Behind the Barings collapse - JAMAICAOBSERVER.COM
		Barings had something like £200 million of unsettled trades that they were at serious exposure on.
		The bank had, by the end of 1994, basically exhausted all their credit lines with other banks and didn't have any more money to give me. Now, you would think they would look at the situation and investigate.
		Barings was an extreme case, but it does highlight the desperate need to get the balance right.
	www.jamaicaobserver.com /news/html/20040502T000000-0500_59253_OBS_BEHIND_THE_BARINGS_COLLAPSE.asp (3142 words)

	Nick Leeson - Official Website
		In the early 1980s, Nick Leeson landed a job as a clerk with royal bank Coutts, followed by a string of jobs with other banks, ending up with Barings, where he quickly made an impression and was promoted to the trading floor.
		Leeson and his wife Lisa seemed to have everything: a salary of £50,000 with bonuses of up to £150,000, weekends in exotic places, a smart apartment and frequent parties and to top it all they even seemed to be very much in love.
		When Barings executives discovered what had happened, they informed the Bank of England that Barings was effectively bust.
	nickleeson.com /biography (742 words)

	Welcome to the Conspiracy Cafe (Site not responding. Last check: 2007-11-07)
		DUBLIN (Reuters) - Ireland's largest bank, Allied Irish Banks Plc, was probing a suspected case of fraud amounting to $750 million on Wednesday in one of the world's biggest trading scandals since Nick Leeson sank Barings bank.
		The bank said it had called in the U.S. Federal Bureau of Investigation (FBI) to help investigate the case and track down the unnamed trader who had gone missing from work.
		The bank said the case would lead to a one-off reduction in group 2001 earnings of 596 million euro ($520 million) after tax.
	www.conspiracycafe.com /news/020602-2.html (709 words)

	INTERNATIONAL BANKING LAW ON THE THRESHOLD OF THE TWENTY-FIRST CENTURY
		The collapse of Barings Bank in February 1995 and the regulatory closure of the US operations of Daiwa Bank in October 1995 proved to be catalysts for the 1995 efforts towards international supervisory coordination between banking supervisors and securities regulators.
		Banks that are already covered under the Second Banking Directive, however, do not have to reapply for authorization under the ISD (as such banks already have an EU single market license).
		Hence, although the city banks have already begun taking actions to implement restructuring measures to cope with the non-performing loans in their portfolios, it is still unclear what other measures will be taken to resolve the remaining non-performing loan problems of city banks.
	iibf.law.smu.edu /pub/norton1a.htm (14906 words)

	MENAFN - Middle East North Africa . Financial Network News: Trader who brought down Barings says same problems exist
		Nick Leeson _ banned from banking, hardly able to open a checking account and nearly denied a visa to the United States _ has emerged from his infamous role in the crash of Barings Bank to become a public speaker.
		Barings executives spotted the irregularities too late, and the bank that had financed the Napoleonic wars was liquidated.
		At the bank, he said, no one wanted to ask the most basic questions because they were afraid of looking foolish.
	www.menafn.com /qn_news_story.asp?StoryId=Cqw9lqeictevfu09o (825 words)

	[No title] (Site not responding. Last check: 2007-11-07)
		Operating for over 230 years, Barings Brothers Securities survived wars and depressions, and was supposedly "done in" by a 28-year-old derivatives trader in the yen market who has conveniently disappeared.
		Barings managed the portfolio and reportedly controlled the assets of the public pension funds in Vermont, New York, Florida, Minnesota, and California.
		The Barings Bank crowd know the secret that Tsar Nicholas II of Russia and his family actually were not murdered in 1918 at the time of the Russian Revolution.
	www.textfiles.com /conspiracy/CN/cn4-17.txt (731 words)

	Topic Review Notes
		Barings Bank was brought down by the bankruptcy of one of its divisions: Barings Futures in Singapore.
		Barings management ignored warning signs of his dangerously risky position out of a reluctance to interfere with Leeson's long record of highly profitable trading.
		The failure of Barings Bank is an example of a company not managing extreme uncertainty.
	www.venturecapital.org /nvt/partf/example_f13.html (503 words)

	NEWSMAKINGNEWS
		The First Bank of the United States, chartered in 1791 by Alexander Hamilton to operate for the benefit of the new American anti-oligarchic system for which a revolution had just been waged, was destroyed by an opposing faction which plotted to murder Hamilton in 1804.
		Barings as bankers survived, but had lost their nerve, resulting in a new demeanor which made Barings the perfect City of London representative of the British establishment.
		Peacock became a partner in Barings Bank, which necessitated his resigning from the Bank of England because two principals of the same financial house could not be on the board.
	www.newsmakingnews.com /lm7,1,02,harvardtoenronpt5.htm (14917 words)

	BBC News \| The Economy \| How Leeson broke the bank
		Soon, he was Barings Bank's star Singapore trader, bringing substantial profits from the Singapore International Monetary Exchange.
		In his autobiography Rogue Trader, Leeson said the ethos at Barings was simple: "We were all driven to make profits, profits, and more profits...
		Barings, the UK's oldest merchant bank, finally crashed and was bought for £1, by the Dutch banking and insurance group ING.
	news.bbc.co.uk /1/hi/business/the_economy/375259.stm (439 words)

	BBC News \| The Economy \| Leeson scandal 'could happen again'
		When trader Nick Leeson shook the financial world by singlehandedly bringing down an established bank, City chiefs were so shocked that they pledged to make changes to ensure it could never happen again.
		After the scandal was uncovered, banks reviewed their internal procedures, activities in dealing rooms around the world were tightened up and governments worked to clarify regulations of financial institutions with branches overseas.
		The fact that rewards for traders are still linked to performance fuels fears of a repeat of the Barings disaster.
	news.bbc.co.uk /1/hi/business/the_economy/375184.stm (450 words)

	OffshoreAlert Conference Oct. 15: Serious Fraud - Investigation & Recovery
		Barings Bank Plc was first established in 1762.
		Barings was Her Majesty the Queen’s private bank.
		A 28 year old trader employed in Barings’ small Singapore office fled just before the bank crashed as a result of $1.3 billion in derivatives losses that the trader had racked-up and concealed.
	www.kycnews.com /DDARS/DAY3.asp (1113 words)

	Managing internal audit conflicts. \| Banking, Finance and Accounting Industries (Site not responding. Last check: 2007-11-07)
		The bank's failure was allegedly caused by the activities of Nick Leeson, a 28-year-old trader working for Barings in Singapore.
		Months earlier, in August 1994, Barings' internal auditors had issued a report highlighting "significant general risk" that Leeson could circumvent controls because he had responsibility over both trading and settlement activities.(2) This internal control weakness allowed Leeson to hide large trading losses from the immediate attention of his superiors.
		Barings provides a highly visible example of the friction that internal auditors can face in carrying out their responsibilities.
	www.allbusiness.com /periodicals/article/582111-1.html (834 words)

	UK P&I Club - Barings plc (Site not responding. Last check: 2007-11-07)
		The other area of contact between Barings and the Association is Barings' role as the major issuer of bank guarantees in respect of claims where the claimant threatens to arrest or has arrested a ship and the Club's own letter of guarantee is not acceptable.
		Barings issue their guarantees against a standard letter of indemnity from the Association which commits the Association to pay in the event of Barings themselves having to pay under the terms of the guarantee they have issued.
		The Association also uses another bank for provision of guarantees and this arrangement provides an immediate source of bank guarantees while longer term replacements for Barings are found.
	www.ukpandi.com /ukpandi/InfoPool.nsf/HTML/ClubCircular0495 (455 words)

	Barings Bank
		A British merchant bank that was started in 1762, and for centuries was considered the largest and most stable bank in the world.
		In 1995, Barings - then the oldest bank in Britain - collapsed after it was unable to meet its cash requirements following unauthorized speculative trading in derivatives at its Singapore office by then-trader Nick Leeson.
		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.
	www.investopedia.com /terms/b/baringsbank.asp (207 words)

	How Bad Decisions Can Lead to Billion-Dollar Mistakes - Knowledge@Wharton
		In the case of Barings Bank trader Nick Leeson and the managers who supervised his work, the cost turned out to be "one of the most spectacular collapses in banking history," the authors note.
		Barings Bank is another prominent example, and Hoch and Kunreuther use that case to illustrate how a number of strategic errors in decisions – that are discussed in more detail in later chapters of the book - eventually led to accumulated trading losses for the bank of more than $1 billion.
		He pleaded guilty to deceiving Barings’ auditors and cheating the Singapore International Monetary Exchange (SIMEX), and was sentenced to six and a half years in a Singapore prison.
	knowledge.wharton.upenn.edu /index.cfm?fa=viewfeature&id=316 (1567 words)

	[No title]
		Founded in 1762, Barings is one of the most prestigious British banks, having Queen Elizabeth as its client.
		Barings is also holding 40 percent of U.S. investment bank Dillon Reed.
		Britain's NatWest Bank, HSBC Holdings (parent of Hong Kong and Shanghai Banking Group), German's Dresdner Bank AG, and Merrill Lynch in the U.S. all showed their interest.
	www.aimhi.com /VC/tcfa/update/volume1/v1n05.html (3017 words)

	UK Judge: Deloitte Was Negligent in Barings Collapse (Site not responding. Last check: 2007-11-07)
		June 12, 2003 (Associated Press) A UK judge ruled Wednesday that the accounting firm Deloitte and Touche Singapore was negligent in its audits of the rogue trader whose deals brought down Barings Bank, but said most of the responsibility for the collapse lay with Barings' Singapore office.
		Three Barings entities had originally sought 1 billion pounds (US$1.6 billion) from Deloitte and Touche Singapore, but Evans-Lombe struck down in 2001 the suits brought by Barings PLC and Barings Securities.
		Barings Futures Singapore sought 200 million pounds (US$320 million) from Deloitte, but Evans-Lombe's calculation of the limits on the accounting firm's liability indicated he did not plan to award that much.
	accounting.smartpros.com /x38623.xml (515 words)

Try your search on: Qwika (all wikis)