Nick began a clerk and worked at many banks. He eventually began his career at Barings bank. His talents were soon recognized, leading to his swift promotion to the trading floor of the bank. Quickly following his promotion Leeson was sent to Singapore. While there, he was given a management position and was in charge of expanding markets on the Singapore Monetary Exchange; Nick was making millions for the company. He made this money by betting and predicting the direction the Nikkei index would take. Even though this was a dangerous way to conduct business due to the risk of losing money, Leeson was able to make an outstanding 10 million pounds in profit. This made up %10 of the company’s annual profit within that year. Due to his substantial talent the company executives began to trust Leeson hole heartedly. At this time Nick was extremely happy with his large salary and his loving wife.
Leeson’s career began to go down hill, when he started hiding his losses. He hid his growing losses in the error folder 88888. This folder was originally created for a co-worker who had accidently caused a loss of 20,000 pounds. Nick Leeson was not the only one at fault. His superiors had made the fatal mistake of allowing him to check his own trades. This job is usually given to a co-worker or a superior. By December 1994 his losses rose to 512 million pounds. He became desperate to repay his losses. This caused him to bet that the Nikkei index would not drop below 19,000. Needless to say this did not happen. Japans economy was on the rise after a 2year 6month recession, but Leeson’s hopes were dashed when an earthquake hit Kobe. This led to huge losses, as the Nikkei index decreased by %7 within one weak. He hoped for a rebound which would allow the index to stabilize at 19,000, this did not happen. He bought 20,000 contracts which had been estimate to be worth about 180,000 each. He did this hoping it would cause the index to stabilize.
Before he has caught Nick had accumulated losses totalling 1.3 Billion pounds. The executives finally caught on to Nick Leeson and the Bank of England was informed that Barings was ‘bust’. Due to the discovery of his action Nick Leeson quickly figured out that he would be arrested for fraud. This led to his speedy attempts of escape, from the Middle East after writing a quick apology letter. He tried to leave the Middle East not because he was trying to get away from the police. He instead wanted to serve his sentence in the United Kingdoms. When on the run he first decided to go to an exclusive resort within Borneo. Nick then went to Frankfurt before booking his flight Europe. He booked the flight under his own name even though his story was covered on almost every newspaper and some popular magazines. The authorities were tipped off and were ready to meet Leeson when he touched down.
He then went off to be transferred to multiple prisons, and eventually was diagnosed with cancer. He overcame...