Nick Leeson

[SOCRATES]

I agree with all your points, however, I don't think Leeson was authorised to take outright positions. I'm not totally sure of this but I believe his remit was to oversee switching between instruments. An error occurred which he tried to trade out of.
Over the years I've seen a few "traders" get into deep trouble from trying to trade out of errors. This was his first mistake, caused, as you say, by inexperience. Always declare your errors and start afresh. The market looks different with a clean mind.
The main mistake of course, that had already been made, is that Barings weren't monitoring their operation, and didn't see the cover up.

And there you have it Oaty, and in addition, as I say above, they entered operations they did not fully understand and all of them thought the other knew, and none of them knew anything.
If it were not so serious it would be funny.

 

[Bigbusiness]

He seems to have found ways to cash in on his previous mistakes. I wonder how good a poker player he is?

This is from celebpoker.com:-

"Some have called him 'dishonestly honest' others continue to ask where the money is hidden. After eight years now in the media spotlight Nick is reinventing himself and moving forward after winning his own personal battle. Often regarded as the world's biggest gambler if by his own volition not the most successful, he is looking forward to joining you at the tables. This is a man that lost as much as $100m in one day!!! How could one trader bring down the banking empire that had funded the Napoleonic Wars? Seems like an easy touch, or is he?"

 

[sarapuk]

nick leeson

Nick Leeson writes an interesting page in the new gambling magazine Inside Edge.