How a 28 Year Old Man Destroyed England’s Oldest Bank

[@pseudonym8082]

This has got to be your best episode yet! Relatively unknown to younger people, captivating until the end, multiple twists and narrated well 👌

[@cactus3796]

Yeah I'm 17 and doing a level economics and this is such a cool video

[@danielhenderson7050]

Agreed, loved it!

[@iwaited90daystochangemynam55]

The struggle of the original iPhone documentary was the best !

[@jgil1966]

Agreed! Y

[@sasmalprasanjit2764]

You should also Do how an "Tiny East Indian Company" With one Room Office In London Destroyed, Devastated, Plundered India (Holding 23% of World GDP in 17th century) to Poorest Country in 1947 until Blood*** Bri*ish Left.

[@andrewdavid5928]

Years ago I read a book about the home mortgage collapse. One thing that stood out was a statement made by a successful trader. He said "the biggest mistake people can make is to assume that a person holding a high position with decades of experience actually knows what they're doing."

[@qty1315]

"I have 50 years of experience in this industry." "The technology you're working with is less than 5 years old."

[@leeshepherdtrading]

@ Andrew David Absolutely true mate. You’re only as good as your last trade.

[@unhhgcrxexhjvuvujchcrzwzwz7956]

You know you can just say you read the big short

[@g.harris]

...and that is exactly how three Nobel Prize winners almost collapsed the entire US financial system once, remember?:)

[@qty1315]

@@unhhgcrxexhjvuvujchcrzwzwz7956 Wait, are you sure that applies? The old guys knew what was going on in the movie, they just didn't care because they were making money. It was the younger guys who didn't know what was really going on that screwed everything up. "Do you know what you just did? You just bet against the American economy and you're smiling. That's why I hate this business." - My favorite part of the movie. Just how the guys looked so guilty when it dawned on them how many people were going to suffer so that they could get rich.

[@Rizhiy13]

This is like 95% the bank's management fault. If one employee, non-executive as well, can bring you down, there is something wrong with your company.

[@marksargent2440]

The bankers still believe thay are the masters of the universe none of the big CEO have ever gone down for a long time because thay give the nod but still say to the guys work harder and fight for the scrap that I drop on the floor and one day you might be sitting where I am Most of these guys least every thing it's just show at the end of the day yet we all fall for it .you can charm people into helping you but when thay want help are you as charming as you where to them when you needed there help

[@glagolU]

Ha, there is "something" wrong with every single bank on this planet. The wrong is called "fractional reserve system".

[@dmhendricks]

Nice victim blaming. Nick Gleason agrees with you: "The fraud wasn't my fault - it was their fault for not catching me!" All of the fraudsters who victimize people on a daily basis sleep well using your logic.

[@ThexXxXxOLOxXxXx]

this's what you get when you employ people in controlling position not because of their skills but because of family relations and loyalty xD

[@789know]

@@dmhendricks But if a company that large didn't discover such a large fraud that can collapse the company, the company has a huge problem Company is supposed to discover potential shady dealing/fraud from employee or executive, and caught them before it causes heavy damage It has a lot to do with mismanagement and lack of proper check/balances/audit.

[@FrankieLeeH]

The biggest devastation was the loss of pensions. My great-uncle lost his private pension overnight that he'd been paying into since he was 16 and spent the rest of his life surviving on government pension.

[@anastasyawidya5885]

@Jamal Crocker True. I sometimes really wonders why people glamorize these figures so much even though what they did was essentially a huge and horrendous crime. Remember the wolf of wallstreet? People suffered because of him, pension loss, bancruptsy abounded. Now he even has movies made and people worship him. I was like, what? Why? Totally baffling.

[@paulmahoney7619]

@Jamal Crocker It's looking at the problem, that the people on top constantly step on us ordinary folks, and concluding that the solution is to try and reach the top by stepping on others. It's a sign of a lack of vision, that these people aspire to reach the top and step on others rather than changing the system so they don't have to fear being stepped on.

[@hendo337]

That's the whole point, the money from all the people like your Uncle was embezzled and stolen then blamed on this clown who only got 4 years.

[@gelbsucht947]

That is absolutely terrible.

[@rumble1925]

Jesus Christ

[@faebrowne2537]

I remember this. It wasn't a victimless crime. Don't let the vast sums of money distract from the fact that many 'ordinary' people lost money they hoped to retire on.

[@Praisethesunson]

Well as long as the rich didn't suffer

[@derp195]

@@Praisethesunson That’s why he only served 4 years.

[@Warlock_Sack]

It’s only funny when rich people lose.

[@Grumpy12748]

And the people who lost their jobs

[@lp1119]

… you know why you never leave more than 250k in a single account… it’s cause your money is back by the federal government… inconvenient yes but everyone got theirs back. Investments are a gamble win some you lose some this was not that case tho

[@notexperienced6941]

9:43 Missed opportunity to say “He had not learnt his Leeson.”

[@patrickzxwei8398]

lmao

[@GarfieldRex]

Jajajjaaja sí !

[@idzkk]

@@patrickzxwei8398 I did not understand

[@idzkk]

he said it in the video what am i missing 🤔

[@patrickzxwei8398]

he didn't emphasize it

[@ed-te1fp]

17:25. So a single clerk in Singapore found out about his scam and brought it all down. This one guy outperformed all those teams of highly paid UK auditors and incompetent London execs who just gave him the money. Amazing. Should have put this unnamed clerk in charge.

[@ctdieselnut]

To the London execs, he was successful. They didn't know he had a secret acct to hide the losses. But yes, you're right, the auditors were incompetent and didn't want to fix something that on its face looked like it was working. The one clerk was the breaking point, but it could have been anyone. It was a matter of time, the one who found out just happened to be the one there to see a $50m loss nick forgot to hide. It's not that the one single clerk was good or bad, just was there at the time. Had nick hid that 50m loss, he would of eventually collapsed on his own, like madoff. It isn't sustainable to have losses running away in a vicious cycle.

[@bookoflists]

@@ctdieselnut Give the guy some credit. He followed up and kept on the fraud's case. How many others noticed discrepancies and did nothing?

[@jialiang4500]

very often that a fresh blood accounting clerk find out the discrepancy and track down the huge financial mistakes of the company

[@bookoflists]

@@jialiang4500 it's a poetic justice in a way, since isn't that's how Leeson first built a name for himself within the company?

[@barahng]

@@ctdieselnut To the clerk he was successful too, until he actually took the time to look at the paperwork, unlike the auditors.

[@chiip90]

"he was a confident but unimpressive student" - describes more people in finance than you will ever believe.....

[@josephbrennan370]

Damn I was going to work in finance.

[@chiip90]

@@josephbrennan370 well all that time you spent studying maths wasn't necessary. What you really need is either 1) grade A contacts 2) dumb luck 3) a sociopath fuck the world attitude that fools idiots I to thinking you are competent. Preferably all three.

[@idk-qx8rp]

@@chiip90 ✍✍✍ ..preferably all three..✍✍✍

[@ignatziusturret5641]

The only real competence they really check is: Ability to do what they tell you at any means, no conscience to steal money from elders, ability to skip and dodge rules in a sophisticated manner without having remorse.

[@ValleysOfRain]

@@chiip90 "all that time you spent studying maths wasn't necessary" Not when you're skimming along using the algorithms designed by people who DID sit down and study the maths. There are some very very clever people in the financial industry, unfortunately not enough to overcome the majority of people who are just cunning enough to be dangerous, but not cunning enough to fix any cockups they do along the way.

[@bobamies9162]

I was working at Barings at this time, as a contractor in IT. I'd just been offered a permanent role when Leeson's scams broke the Bank. It was the most surreal situation I've ever lived through. The saddest thing was the amount of good people (who had nothing to do with Leeson's scams) who lost their jobs because of what he'd done.

[@x77punk77x]

That’s why I will never understand the often very light penalties for even egregiously reckless and harmful white-collar crimes.

[@imicca]

He deserves the worst on this planet

[@hellosammy4105]

Yeah, because losing a job is the same as getting murdered or sexually assaulted.

[@Mathemagical55]

@@hellosammy4105 No it's not the same, but a thousand blameless people losing their jobs or pensions, with many suffering great financial hardship as a result, should be punished severely.

[@givebackmybreadsticks]

​@@hellosammy4105a total mass-debater arent you?

[@mothersuperior7942]

He was simply ahead of his time. If he had come along 10 years later, taxpayers would have had to covere his losses.

[@ignatziusturret5641]

That is what they tell you and how the marketed the transfer of social into (more) private money. Wake up- you sheep!

[@ariw9405]

@@ignatziusturret5641 you don’t even know what you’re talking about. Anyone who still uses the term sheep is an imbecile

[@bitsnbytes7514]

Yeah... so much for the cautionary tale (20:58)

[@jewtube1877]

I hate that this is facts.

[@airriflemaniac]

They learnt from his mistakes

[@xamsedalabay6809]

That supervisor of Morgan Stanley made the decision of his life not to hire Nick.

[@excelsium]

Nah @ MS he wouldn't have been able to pass damaging a few % of the assets.

[@chrissmith3587]

Sounds like they actually had competent employees, the supervisor did his job well Baring just sounds like a cushy gig for those who don’t want to work

[@whatsupbudbud]

Not really. Like Leeson alluded to, MS had their house in order and would have never allowed for this to happen. On top of that, this sort of strict compliance would probably prevented Nick from gambling this way and, as such, would have enabled him to employ proper risk management strategies to continue be a trader.

[@ultimatum97]

Imagine what this guy would've done if he would've survived at Morgan Stanley as a trader during the 2008 bubble

[@sarashepard7504]

Would’ve been great if he had hired this crook.

[@steinarjonsson_]

He is obviously guilty of fraud but as arrogant as he may sound, he's not wrong about the incompetence of the bank's management.

[@imicca]

being not wrong and being a f-ing fraud are very different things and dont cancel out

[@skimiii]

But does he recognize he is as incompetent as them?

[@PaulAlexanderrr]

@@imicca he's not canceling, as the first thing he said was "he's obviously guilty"

[@harrisonlichtenberg3162]

@@skimiii Less incompetence and more moral apathy. He knew exactly what he was doing and exactly how wrong it was, understood and recognized all the risks and took them willingly.

[@404-j1w]

@@imicca who said anything about canceling out?

[@kingkusnacht]

The most shocking part is undoubtedly the total lack of responsibility or regret Leeson shows. As if other people being incompetent or not diligent were an acceptable excuse to commit fraud. It's horrendous to see he has no empathy for the other employees who lost their job or for the savings that were lost. Kind of a summary of what's wrong with trading

[@DirkShotojima]

Narcissistic sociopath behaviour

[@rbb.828]

Sociopath

[@aryalogo6624]

HE IS A NARCISSIST THATS WHY

[@imicca]

Thats banking in a nutshell

[@auraaetherbladesigma6939]

He deserve the hatred of the endless, including the departed. May the hand of damnation grasp his soul. 😡

[@Balsiefen]

Dammit. I'm nearly 29 and I haven't even destroyed a small bank.

[@andrewmller6027]

Then get to work, what are you waiting for ? Lmao

[@foolnessg4236]

@Sal Drays kinda an r/woosh, but ill explain: he means he hasnt been able to even destroy a small bank, let alone a big bank.

[@provian]

underated

[@PumpkinHoard]

Just make sure to do it the white collar way. If you smash the actual building down with a JCB without hurting anyone they'll probably give you 15 years. However if you defraud huge numbers of people of their money, destroying their lives and making billions in the process then you'll probably get les than 5 years. White collar crime dude. White collar.

[@tybronx2446]

Same :(

[@Yellow_Magpie]

It's the double-down that breaks my heart, if he was a stable and rational person he would have taken the cake back to a cosy position in the bank and eaten it there knowing he did something incredible. Clearly he was more of a professional gambling addict than someone interested in finance and making money.

[@Ndlanding]

@@poodymeiner3125 Except when you double it, and then you are on the road to perdition.

[@carloscampos5860]

That part baffles me, Barings would probably exist and even he coild be a top execute there, it would probably been the perfect crime.

[@stevenfallinge7149]

But if he wasn't caught, nobody would know about it, this video would not exist, and you would not be here commenting about it.

[@Ndlanding]

@@stevenfallinge7149 What makes you think I'm really here?

[@lorumipsum1129]

He was acting like he was someone on r/wallstreetbets.

[@useyournoodle100]

There is movie called Rogue Trader starring Ewen McGregor about this story, it's good. We should remember a lot of these older institutions in Britain were employing people who did not necessarily have any skills they were just part of the upper class and got jobs through connections.

[@jamesbyrne9312]

Yet he was from Watford.

[@lychief]

@useyournoodle100. Well said! Especially in Finance, a lot of old UK institutions hires are through connections - the old preppy school networks - they went through preppy boarding schools that only the elite and upper class could afford, then went to so called top universities like Oxford or Cambridge and got hired not through a person merits or skills.

[@KevGoesRiding]

I was just a teenager in singapore as I watched this story develop in real time. It was MASSIVE news on local TV at the time. thank you for revisiting this for me!

[@enam9000]

Wow you have some great memory!

[@princepscivitatis4083]

When Leeson made back the £10,000,000 by sitting on his position, he basically traversed through a minefield, unscathed, with his eyes closed. So, Leeson thought the best and only way to traverse through such minefields unscathed was with his eyes closed. It was only a matter of time until the whole damn thing blew up in his face. Also fun fact: Barings was nearly run under by a similar trader based in South America during the early 1900s. His name was also Nick.

[@789know]

So the disaster is going to happen soon or later then if company didn't learn its lesson before

[@spankwish]

@@789know gold 💀 🤣🤣

[@elizabethmolino8262]

So this same thing happened to Barings in the 1900s and it happened again with a dude named Nick.Ain't it have a term for that ,doing same thing over .Oh yeah its called insanity.

[@TheCrazierz]

@@elizabethmolino8262 bro, early 1900s and 90s are literally 90 years apart. A good 2 or 3 generations. I highly doubt anyone wad around for both situations

[@TheCrazierz]

@@789know who learned this lesson? Between 90 years, there's a good 2 or 3 generations of employees. It would be like expecting a modern mcdonalds guy to know some Mcdonald menu items from 1960s

[@NastierNate]

As someone who works in banking, I have never seen a trader decline to go out for drinks. That was the red flag right there.

[@notmenotme614]

There’s an Italian saying.... "Whoever doesn't drink in company is either a thief or a spy."

[@rodleypumpkins4174]

Some people don’t drink wouldn’t be weird to me.

[@annaleonie2731]

I've always had a policy of not mixing alcohol and work colleagues. Too easy to send less than spectacular messages to people who matter.

[@thetruthk5138]

Perhaps he was a friend of Bill W

[@wernerbeinhart2320]

@@annaleonie2731 this

[@abc123number1america]

It’s so crazy to me that he can ruin so many lives and he only gets 6 years in prison, imagine all those pension funds all those jobs all that money stolen. And he served four years? Amazing

[@jkardez4794]

Now wasn't the judge plain stupid ?

[@nouhowlmao2809]

​@@jkardez4794just corrupt

[@sarowie]

@@jkardez4794 well, there should have been multiple crimes and punishments. 4 years for cheating the singapore stock exchange? Fair enough. Now the UK should at charges for... what ever. But I guess that would put all politicians in jails (or hiding in a fridge).

[@bunk95]

Is this fiction being used to market anything outside of the fiction itself?

[@gummybearsh]

It’s crazy to me how major financial crimes hurting thousands of people can equal to a measly 6 years. You can accidentally hit someone with your car and get more prison time

[@AudsVids]

Worked in corporate banking for 10 years and we had to take a two week block of leave so that anything wrong we might be doing would show up. We were told it was because of what happened at Barings so you wouldn't be there to hide/cover up/fix stuff. Doesn't stop people trying it, one UK employee went to jail for theft.

[@MolloyPolloy]

I work in finance and we have to take block leave for at least 5-10 days in a row and we're not allowed to log in to the system, go into the office or phone in or email anyone and you can't be contacted either. It's magic.

[@StCreed]

One of the first signs of trouble is often when someone doesn't want to take holidays. It's really a huge red flag.

[@scroogemcduckrich9705]

same on 2 weeks

[@1998rg]

We still have those two weeks :) ~ mandatory holidays ~

[@brianal7143]

The financial institution I work for still has this policy. Annual leave

[@paraboo8994]

It's insane to think a bank would give a single employee three quarters of their money. No matter how good that guy may be, you need to hedge your bets at least a little bit.

[@discoboy8169]

totally crazy, it is their own stupidity, lack of scepticism, control and the culture.

[@ooooneeee]

They didn't give him that, they failed to prevent him from taking it. Lack of auditing and controlling.

[@jeanmyers1787]

Especially considering their high end clients & the interest they were paying. They were an elitist bank, like Coutts, their clients needing at time minimum current account of £3k

[@PatrickMcAsey]

Absolutely. You would think that they might have learnt something from the mess that Leeson had to clear up in Jakarta, but apparently they had learnt nothing.

[@hendo337]

Exactly the story doesn't makes sense because it's a lie.

[@qbasic16]

Imagine sending 75% or your bank's capital to a 28 years old trader on the opposite of the globe... peak comedy

[@harlyslamm2888]

Greed does that to you....

[@oldmanc2]

Very good summary

[@paulsz6194]

Clearly they didn’t apply the policy of spreading one’s risks..

[@mowtow90]

That is the simplest prof of incompetance over the entire chain of command. From acauntats and oditors to siniar exects. Its pretty much impossible to have compitant CFO that is not going to see that and say - its OK , noting can go wrong.

[@scottrich976]

Proof, accountants, auditors, senior.

[@gkail6980]

Without denying the fact that the bank has fucked up majorly, it would be wrong to deny that Nick Leeson is a psychopath. He literally blames the bank for letting him get away with the crime.

[@kennyadvocat]

Right, and if you watch the full movie about it there was 2 or 3 times when he actually got back to break even on his trades. If i was down 25 mill and got back to even I would be happy and never do it again. Guy went back in 10x deep....

[@salguodrolyat2594]

He is right, psychopath or not.🤔

[@FormerPessitheRobberfan]

Narcissism and Psychopathy tend to go hand in hand. He is incapable of taking responsibility for his actions. Everything is someone else's fault. Even when he did something wrong it's "oh they would have caught me sooner if they weren't incompetent." Only an idiotic narcissist thinks along those lines and only a psychopath with a damaged amygdala would so fearlessly take on such a idiotic risks.

[@martinhsl68hw]

NPD I reckon

[@mbcudatree]

That man was copying and pasting bank statements in real life. I get where he's coming from. We don't let middle schoolers get away with the type of stuff he was able to.

[@baruahaleen]

The guy at MorganStanley was a legend basically for having the intuition for future disaster

[@JohnDoe-xp4iy]

Imagine bringing down an entire bank, one that’s been around for centuries, and getting free after 4 years. That’s fucking wild.

[@joshuapatrick682]

yet having a bag of weed in Singapore would get you a life sentence.

[@on-site4094]

Sounds like he has a massive EGO. & No crystal ball 🔮 in the USA it would of gotten bailed out

[@plung3r]

That's what made me surprised. Just 4 years ?! I mean people would be ready to gamble their way if they see the punishment is soft.

[@FsimulatorX]

And then appearing on a TV show

[@OGrandomunknownperson]

It's an elitist bank he is a legend a cunning smart trickster who harms rich idiots and he spent his money on the homeless and his wife so yeah

[@adamspimbly4706]

Listening to Leeson saying that his employers were "stupid, they don't understand the business, and they should never have been in the position they were in" has the most hilarious sense of unintentional irony to it I've ever seen.

[@basedpatriotLT]

Being dish8nwst/scammer does not necessary make him stupid, h3 could still be wwy smarter than those colleagues

[@adamspimbly4706]

@@basedpatriotLT this is a guy claiming all the people above him shouldn’t have been in the jobs they were in. Meanwhile he spends years desperately trying to be a trader. Then as a trader he lost over £100million in the space of a few years. He is perhaps the biggest failure of a trader ever seen...so he isn’t exactly one to point fingers at incompetence

[@r.sakarollsafe1285]

@@adamspimbly4706 the main difference was his superior stopped when they got their seats, and he continued showcasing his incompetence through his "trading brilliance". I just wondered where did he felt the wealth? When every cent goes to cover his loses. Maybe he shaved the budget each time he received something.

[@MrSpartanspud]

He lied in ways that, by his own admission, were ludicrous and unbelievable. The reason he was believed was because the bosses were idiots.

[@AdamWhistle1]

Yet I cannot help but think that he's not completely wrong: he HAS fooled his bosses and it is likely that a 200 year old bank selected leadership position more along to lines of family and friends connections (the "right breeding" because this is Britain) rather than competence. Had it been otherwise, he would have not been able to single-handedly bring down the entire bank.

[@henriklarssonstanaccount5599]

Funny story about Nick Leeson is after he left England he moved to Ireland where he worked his way to be the chairman of our local football club and bankrupted it

[@sierrajohnson717]

Pretty sure he’s a top tier narcissist. “I can recover a billion dollars” “my boss was stupid to trust me, it’s not my fault lol”

[@NickyM_0]

Totally agree and that’s what I thought!

[@leonbundage7117]

Ha ha ha.

[@makavelismith]

Oh ya, the delusions of grandeur are strong in him too.

[@fattiger6957]

Narcissist and probably a sociopath. Based one what was shown here, the guy certainly fits the bill. No matter where he went, I'm sure he would have hurt someone just to benefit himself.

[@makavelismith]

@@fattiger6957 Potentially a full on psychopath. A sociopath wouldnt generally be as high functioning. This guy must have charmed his way around people, to get into this position but to also keep people away from catching him.

[@nonyabisness6306]

"He thought he was a genius, but it was only dumb luck" This describes Stock Traders is general pretty well.

[@JPKnapp-ro6xm]

"Never mistake a rising market for genius."

[@brinckau]

Thousands of people thought they were geniuses because they bought some bitcoin in 2019.

[@kuro9410_ilust]

stock market is basically a giant ponzi and gambling house convolutedly taped together

[@artboy789]

@@brinckau call it shitcoin

[@texasray5237]

Dumb luck doesn't make millions of pounds disappear from within the banking industry.

[@joshuasmith4315]

"He saw his coworkers as a means to an end" Welcome to the entire financial industry bruv.

[@Panteni87]

small correction: the entire corporate culture

[@wernerbeinhart2320]

@@Panteni87 Correction: Almost all of society bar very few exceptions

[@waverider1674]

what the top management actually thinks of the professionals working under them

[@Panteni87]

@@waverider1674 the worker bees aren't much better

[@argh100100]

@@wernerbeinhart2320 Is that what you tell yourself to justify your own behavior?

[@whateva8964]

Barings sent one man 75% of their working capital? The lack of internal controls to have noticed and raised a huge red flag is astonishing.

[@souvikrc4499]

It also goes to show how much blind trust the bank placed in him.

[@stevencooke6451]

A classic sociopath. Absolutely no regret or sense of empathy for people who suffered because of the frauds he perpetuated. Yes, he's probably right in his dismissive attitude towards Barings' executives and staff who never questioned what he was going, but he is unable to see what he did was wrong. And he didn't really pay for it.

[@mission101]

@@DunDeeoZ your comparison to people dying in Nicaragua or in my country is not equivalent. The original comment was about the fact that he caused those people to suffer, it was his actions. Your comparison works if it was my actions that caused those 100 people to die or whatever, because then I am actually responsible and should feel remorse for what I’ve done. If I have no connection then of course I have no reason to feel much

[@williambrasky3891]

@@DunDeeoZYou need to slow down and think about what you are blabbering about. Apples and oranges? Both round fruits.

[@georgelabe-assimo4365]

That was my instant thought the moment they talked about how this guy used his colleagues like tools. Big red flag.

[@rashid8646]

you can see it in his face and mannerisms. Had a teacher like that once, total prick.

[@yfn6660]

The guy knew what he wanted, he knew how to get it (apart from the whole being a competent trader) and in the end was just another trader who didn't know when to stop. Clearly not the genius everyone made him out to be

[@mergedwithgod]

Your work is great and ultra-consistent!! We love it

[@srinivasskumarmk4456]

That's what barings thought about leeson 😂😂😂 famous last words

[@kinglyone7172]

Let me get this straight, this guy ruins a bank, then is put in charge of a soccer club and runs that into the ground, and is now a CEO? Well, if you're going to fail, fail upwards. Dude is like the perfect villain.

[@eyewaves...]

Perfect and hilarious comments..

[@ed-te1fp]

That way of thinking is pretty common nowadays. A few failed businesses and bankruptcies? Hey, let's make him President of the United States.

[@VenomousCompany]

@@ed-te1fp Can't speak 3 straight sentences? The Perfect Man for the President of the United States! ahhh Joe Biden.

[@ed-te1fp]

​@Bilal Khalid Yeah the whole thing is sad to watch. MU was debt-free and doing well. Then these Americans show up and pay several hundred million of fake "paper money" to take it over then put the entire debt on MU. Was never their money to begin with, but the debts are real. MU's still over half a billion in debt... And not even going to talk about the terrible football decisions they made...

[@barahng]

@@ed-te1fp A few failed....out of literally hundreds that were profitable. Always conveniently leave out that bit of nuance. There are plenty of things to criticize him for but that's not one of them. Most successful entrepreneurs have a few failures their belt. Mark Cuban is one example who has a similar net worth today.

[@EvaHoffmann153]

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[@RowanBryson]

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[@MarshalWagner457]

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[@RowanBryson]

Her name is 'Rebecca Noblett Roberts” Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@vince9080h]

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

[@TechnoBots1]

I like how he called the bankers idiots yet he failed miserably as a trader. Guess he was right, the bank hired idiots lol.

[@TechnoBots1]

@hognoxious I said he was right...

[@johnysnowy35]

Idiots hire idiots...

[@therzook]

He failed on trading which is difficult, accountancy and auditing are only mundane ops they really must have been idiots tbh...

[@joelwillems4081]

@Avaint TF He equally only sometimes succeeded on trading based on random luck. Yes, he was and still is an idiot. He later couldn't manage the finances of an Irish football club. Now he makes money by giving speeches on why companies have to be wary of crooks like himself. Half of his wages for life should be taken away to make up for his criminal behavior. Instead, he's making a career out of it.

[@Shatter84]

​@@therzook I was reading he had a doudbling strategy i.e. he was just doubling down each time to try and recoup his losses... Trading but might be hard but Leeson was clearly a terrible trader and an idiot himself.

[@simony2801]

At the end Leeson brags and says his boss didn’t understand derivatives, seen as he lost 2 billion of the banks money perhaps he didn’t either.

[@joelmonteiro1419]

This. Saying that with a stright face...what a massive asshole.

[@user-vv1do1wg1j]

he was a giga chad collapsing massive banks

[@user-vv1do1wg1j]

@@joelmonteiro1419 seething

[@orionxtc1119]

he is a psychopath

[@ericbrandt829]

@@orionxtc1119 ....as are most bankers and financial market traders....please go on....

[@Renard380]

This. THIS sums up our society. A parasite causes massive damage, but instead of punishing him, we make him a celebrity.

[@souvikrc4499]

And then we wonder why people like Fred Goodwin never get punished for what they did.

[@-divinetragedy]

These are the people capitalism was built to serve, sociopaths that are only interested in how much they can get away with.

[@alexwelts2553]

What would you rather have for the winner of the parasite Olympics?

[@RideAcrossTheRiver]

@@alexwelts2553 Olympics aren't parasitic. What a stupid complaint.

[@BocuD]

So.. basically a wallstreetbets member before reddit existed

[@SteliosMusic]

Exactly what I wanted to comment. GUH

[@Erin-bd6jg]

We have winner, folks

[@Praisethesunson]

@@SteliosMusic Leeson went past the banks personal risk tolerance

[@2hedz77]

I'm not with wallstreetbets, but there are some dumb af, some brilliant

[@AlphaCentauri24]

Someone got burned! 😁

[@veritas41photo]

Watch enough of these Cold Fusion episodes, and you'll soon lose confidence in absolutely every corporate entity in the entire world. Which, come to think of it, is a pretty valid modern-day strategy!

[@abebuckingham8198]

I think of corporations as being as competent as the government but they aren't public entities so we don't see their incompetence as visibly.

[@placeholderdoe]

People have always been dumb, now it’s just easier to hurt people while being dumb

[@MrMambott]

Corporate entity AND PERSON,, I'm Now scared to leave the house tomorrow after binge-watching about 7 hours of Con Artists, I noticed a theme being played among the younger entrepreneurs,, I'm going to be guarding the $10 in my wallet all day tomorrow with an eagle eye patrolling for cons artists out to steal my fortune 🧐🧐

[@Heyu7her3]

@@MrMambott your mattress might be a safe bet as well

[@kabelo2]

The most unbelievable information about this video is that this man was 28 years old

[@elizabethmolino8262]

For real

[@907living6]

Shit some 28 year olds been navy seals for 10 years been on 3 deployments traveled the world and killed dozens. 28 is a fuck ton time to live

[@kabelo2]

@@907living6 and he hasn’t experienced any of that but looked 40 at 28 years old

[@nainatalwar8050]

@@kabelo2 🔳 SERCH ADITYA RATHORE, HE ALSO MAKES INFORMATIVE CONTENT LIKE COLD FUSION

[@Canleaf08]

Almost still a teenager...

[@TeamYELLOW17]

This guy is an absolute piece of work.

[@Dangerous_123-f1j]

You misspelled $hit as work

[@kunalmohanty8]

This has been my favourite TV channel for years now.

[@Saxoul]

Colfusion is #1, i used to love the daily conversation but he disappeared

[@Saxoul]

I also have 2 signed hoodies of new thinking, one white and the other is navy

[@nainatalwar8050]

🟦 SERCH ADITYA RATHORE, HE ALSO MAKES INFORMATIVE CONTENT LIKE COLD FUSION

[@prashantkumarsingh8121]

Haan bhai, accha channel hai.

[@osdenza]

​@@Saxoulcoldfusion is a TV channel?

[@shotelco]

"Forged a Bank loan document with scissors & glue"?? My 3rd grade teacher would have spotted that with the "eyes in the back of her head".

[@DarkSharingan21]

Lmao

[@kmwong1786]

In the previous century, documents are send by facsimile. What comes out at the other end is usually difficult to read. I can imagine that his cut and paste work is unnoticed.

[@ionut-cristianratoi7692]

Don't forget the part where he had the fax/printer name on the document. Like WTF did those auditors do? They were send specifically for him. They should have been suspicious from the beginning. He was right in one regard, they had allot of incompetents in the company.

[@01DOGG01]

I did the same thing in highschool in the 90s with a report for my parents except I used my tongue instead of glue as I was in a rush. They were none the wiser

[@shotelco]

@@kmwong1786 Even in the previous century, An Auditors Job Duties were to Ensure compliance with established internal control procedures by *examining records, reports, operating practices, and documentation.* keyword: _Examine._ Since they already stumbled upon the £50M loss, then they just accepted a faxed document without doing one second of forensic accounting to investigate?

[@bigbigbigbigbigman]

I like how he calls everyone else bumbling fools but his entire scheme was based around how absurdly terrible he was as a trader.

[@donwheels9472]

@@davidwesternall873 yees thank you

[@demochannel6146]

he never learned the lesson

[@artemaung5274]

90%+ of people are absurdly terrible at day-trading. Unless you're some genius with 140+ IQ don't even think about day-trading. So many people lost huge amounts of money thinking they were smarter than everybody. Long term investment though is a whole other animal. Pretty easy to win for many if not most.

[@AlphaCentauri24]

Your statement is paradoxical. The mere fact that he was terrible at trading & losing money & kept asking for more & more but never got caught & was simply cursorily (not) audited shows that he is aboslutely right about the management. Bumbling fools & greedy nincompoops.

[@bigbigbigbigbigman]

@@AlphaCentauri24 I didn't say he was wrong about. Him being an incompetent idiot doesn't mean management weren't incompetent idiots. If anything it tells us Barings was in the habit of hiring incompetent idiots. Not sure what you think paradoxes are but this isn't one.

[@ionaf9]

I reluctantly have to agree that there were some 'bumbling idiots' as they kept approving the amounts he requested. This truly happens in so many organisations it's insane.

[@jondoe406]

He actively deceived them by hiding losses and faking profits. That doesn't make them idiots.

[@semperaugustus661]

​@@jondoe406 Giving 75% of your capital to one futures trader makes you an idiot. The bank's lack of oversight and general operational management is astounding.

[@souvikrc4499]

@@YourLocalCafe not to mention bank management ignored some red flags that were thrown up by those who are working with Lesson. As mentioned in the video, management was willing to turn a blind eye, as long as Leeson continued making massive profits.

[@tk9839]

@@jondoe406 Obviously the managers at Barings were in denial blinded by profit and greed...this happens to a lot of people...a common human weakness which will always exist.

[@JasonRobards2]

In a company who has known long periods of stability it is difficult to raise the alarm about serious issues. Why risk your career by making statements that go against the grain?

[@vincenttayelrand]

I remember this one. After ING bought bankrupt Barings, my cousin was flown in to London to make sense of the mess. The moment he landed the British authorities took away his passport so he wouldn't leave the UK unnoticed ....

[@johnw1954]

WHAT

[@everythingpony]

And what happens after that?

[@kisaragi-hiu]

He basically YOLO'd away a 200 year old bank.

[@MrSumkinFedor]

yeeted

[@DrJimmy93]

Kind of funny really, if lots of people hadn't lost jobs and their money

[@endrikastrati1755]

Sir, you nailed it.

[@kx65andyx85rider]

Mans should’ve bought GME 0 dte calls 50% OTM hahahaha

[@jaychung1380]

@@DrJimmy93 leeson probably never even gave them a courtesy apology haha

[@alexanderslater4021]

The way Peter Norris shuffles around uncomfortably during the interview at 18:35 is gold

[@deg6788]

True

[@rezawicaksono4753]

from my eyes, he is covering someone

[@Big_Tex]

This happened so long ago, making that fake fax involved actual cutting and actual pasting 🤣

[@henryaung7229]

That whole bank (like Leeson) seemed to be in positions they weren't fully qualified for, and mistook surviving for success and business savvy. I'm sure most of us who work can feel similarly sometimes but it's worrying to think that situation is probably the same for the people in positions of influence and power.

[@veramae4098]

My Dad was a truck driver. He said once they'd go out of business if the people working there didn't ignore some of the decisions of the owners.

[@Big_Tex]

OMG “Rogue Trader” is a great book, I’ve read it at least 3 times. Really brings you into the grinding sense of doom as the guy spent 2 years digging himself deeper into a hole day after day expecting to be caught out any minute.

[@icarusflying1814]

It’s akin to a method of fraud called Teeming & Lading

[@beev]

I prefer 'The Collapse of Barings" - more accurate imo (given my direct experience/knowledge of what happened)

[@JA-tr9ze]

Same deal with Bernie Madoff if you read any books on him. He spent decades living day after day that he would get caught. When he thought he had been just like this guy some odd luck due to incompetence.

[@scality4309]

I have that book. Also have the DVD.

[@Big_Tex]

@@beev thanks, I’ve had that book on my wish list, I’ll get it soon.

[@kittymcditty8960]

According to Wiki: "Between 2005 and 2011, Leeson had senior management roles at League of Ireland club Galway United. After the club suffered financial difficulties he resigned from his position as chief executive officer." Why would anyone hire this man in any sort of financial capacity??? Lol.

[@danny148mb]

League of Ireland is disgustingly corrupt. So birds of a feather

[@raumshen9298]

Moral bankruptcy

[@edwardoleyba3075]

@@raumshen9298 . And utter Greed.

[@TrueFilter]

Ha i remember that. Also I'm pretty sure he had a financial advice column in the local paper

[@oliver4693]

LOL

[@aldrichuyliong8143]

Watching Leeson's interviews is like peering into the mind of a sociopath. EDIT: As a lot of people have pointed out Leeson is a psychopath rather than a sociopath. Thanks to those who cleared it up in the comments. 😊

[@SoDodgy]

My thoughts exactly. Zero empathy for what he'd done

[@mauroferrao8857]

💯

[@StevenOyston]

Agreed, its like a human manifestation of the actual laws that protected him.

[@n3gi_]

Nah, he's a psychopath not a sociopath. Sociopaths are more aggressive and can't maintain a calm state of mind like psychopaths.

[@zachariahstovall1744]

He's still a person and he's only doing what felt natural.

[@petergambier]

Nicely explained story thanks CF. Funniest quote from Leeson, 'There's no Barings in Watford.'

[@AlphaCentauri24]

He may be arrogant in his ending statement in the video interview but he is absolutely right. Absolutely right! The bank management were bumbling fools. It is not even like he was some super smart con artist.

[@NoName-kq5gl]

It's like a serial killer saying police were fools they couldn't save the victim from him

[@raunaksinghjolly8334]

@@NoName-kq5gl absolutely not

[@coolbuddyshivam]

@@NoName-kq5gl If serial killer had a knife covered in blood while police was interrogating him and cleared his name. It's right for serial killer to say they were fools.

[@plung3r]

It's almost always people at higher levels that should be responsible. I agree.

[@ffccardoso]

@@NoName-kq5gl agreed

[@joshuabela5374]

I'm consistently amazed at the quality of these independent productions. Thank you, T'GoGo and all the production team involved.

[@garg0y7e]

pretty sure the name is Dagogo according to the credits but I might be wrong :p

[@conorstapleton3183]

Anarchists: "DESTROY THE BANKS!!!!" 28y old Trader: "Say no more."

[@matthew4497]

Makes me wonder if the other traders in Singapore knew how terrible he was and bet against him, compounding his losses.

[@johnsherman7289]

@@matthew4497 That works, they all have the same mind-set.

[@TahtahmesDiary]

Lmao class solidarity ✊🏾♥️

[@farhanniloy7552]

I have seen how banks work and trust me i dont mind being an anarchist you either be a part of the system or cant do anyting

[@Otzkar]

🏴🚩

[@mobile8873]

I do remember this episode. It was quite a shakeup here in Singapore. U did a good video. Easy to understand and straight to the point

[@nuggets0717]

Accountant here. Not sure in what universe an internal audit could’ve missed this. What an incredible story.

[@hereticsign]

An internal audit held back by higher ups not fucking with their money machine. Yeah i have seen it a lot. Internal audit means nothing if they have instructions not to fuck with someone who recovered 100 mill pounds for them.

[@nuggets0717]

@@hereticsign “people respond to incentives”

[@suveerbajaj2247]

The thing with auditors is they rely on information that management gives. Management can easily falsify documents, hide documents, create unnecessary delays and make fake documents. Even in this case When auditors actually caught 50 million loss a fake document was made. Audit is always ineffective unless management wants it to succeed.

[@hereticsign]

@@suveerbajaj2247 that doesn’t necessarily apply for internal audit.

[@MeiinUK]

Weirdly... that, in the conference, their competitors, or their clients, did not comment.... even if they knew. In a way, they let the bank collapse.

[@Gadgetonomy]

I have to admit, banking and finance are two of the most boring subjects in my life, but somehow you managed to make this very entertaining and informative! Have been a subscriber for 9 years, your presentation skills are commendable Dagogo.

[@alanfrost4976]

Thats why people lose money....its boring!..No one is EVER tought about money...how to look after it, particulary your own!.

[@adityatanwar1]

It isn’t boring really. Once you start appreciating the statistics, mathematics and research literature behind it, finance is extremely fun because the entire world runs around it. It is fun to figure out how the risk or money behaves if, say, interest rates go down, inflation goes up, etc. To one who doesn’t understand economics and mathematics, it’ll appear boring. Most traders are financially uneducated and they see the prices as blips on the screen.

[@cosmonauteable9151]

~you're never gonna make it pal.

[@Meatball2022]

The video for worldcom will make you scream. kzbin.info/www/bejne/q5DVl3yYpLWsj9U

[@theshadowman1398]

It's a never-ending story with banks. Once every several years they commit the same crimes and get away with it.

[@Greg-yu4ij]

Yup. All that fraud probably hid millions which went to the auditors to cover for him. Imagine countless fraudulent documents, 200 million stolen, being a fugitive, and only spending 4 years in prison. Meanwhile in the USA they try and put old ladies in prison for the rest of their lives for tresspassing. Must be nice to be in the good old boys club

[@shakiMiki]

That's not accurate. These kinds of things happen in certain jurisdictions & under certain regulators. London is particularly notorious. The banks may be from all over the world, but it is there where the catastrophic losses take place.

[@swampy1234]

It's so true

[@moranii1843]

This just a random facebook rant? Leeson scammed a bank causing it to go bankrupt. What was the crime the bank committed?

[@theshadowman1398]

@@moranii1843 Bank is made up off certain people. The bank gives certain mentality

[@screenPhiles]

What's so odd about this story is that if a regular person overdraws their account banks are traditonally upon them like a pack of wolves. The idea that scrutiny would decrease the more money you're dealing with is sort of insane. Gotta agree, Nick Gleson may have been arrogant - sociopathically so - but it was incompetence on Berings' side that made his overreach possible.

[@onengkusumah2905]

he's my new role model now

[@zeke2408]

@@onengkusumah2905 I am sorry for you.

[@sympathiser_of_Germans_in_40s]

Its about Trust they trusted him and massive amounts of stupidity

[@dannypenola2674]

Paper and glue receipt. Problem solved. “ I paid this in full !”

[@onengkusumah2905]

@@zeke2408 right back at cha lol

[@IsleOfFeldspar]

A local savings bank took 5 years to tell me that I still owed $1800 on a voluntary vehicle repossession from 2013. When I told them that this is shockingly poor management of your books they said it had fallen through the cracks and ‘we’re starting to catch up with these’. These? How many does the word ‘these’ represent? How many people owe you money from years ago?

[@LIONTAMER3D]

It's a legal matter: bank A buys bank B, and that means bank A has to wait for legal transfer of assets & liabilities before they can trade those assets or collecting those debts; the ones that used to belong to bank B. If bank C comes along & buys bank A, bank C has to wait for the B to A transfer before they can execute their own transfer of C assets. In an era of mergers & acquisitions, this process can not only take years, it can be effectively perpetual.

[@TahtahmesDiary]

In some industries it’s always the customers fault. Banks, airlines, etc. They couldn’t care less literally.

[@MusehanaH]

In South Africa, if no one contacts you for 3 years or longer, by law the debt prescribes automatically...as long as you do not acknowledge it

[@ronaldwilliams4053]

Lol they said somebody gonna pay us so they made up some bs lol

[@LIONTAMER3D]

@@ronaldwilliams4053 that's precisely how the meeting went

[@joaovitorino662]

Imagine for a second being able to throw away 2 billion dollars and only be given 4 years of (probably very soft) prison. Meanwhile people are locked up in basically zoos for life because they had weed on them. Insane.

[@redhammer92]

Man its almost like the system is made to keep the small small and the big big.

[@prepperjonpnw6482]

If he served his prison sentence in Singapore then it most definitely wasn’t “soft”. Imagine being locked up with a thousand or more criminals of all sorts and not speaking the language.

[@mishayt1989]

@@prepperjonpnw6482 He probably knew some Singapore language

[@johngrave5554]

@@mishayt1989 also it's Singapore, most criminals are not vicious violent criminals from gangs, and a lot of them know English too.

[@_RobBanks]

No ones going to prison for life because of some weed, but I get ur point

[@gabrieleea2789]

I remembered this case when he was arrested and repatriated to Singapore 🇸🇬. It was a case in everyone's mind.

[@MercenaryBlackWaterz]

The bank thought they had a new Leeson life, but they were actually losing their Barings...

[@Dessienewshoes]

Hear hear 👏

[@electron6825]

Why does this not have more likes

[@pinky9440]

😊😊😊

[@brendajackson13]

😂😂😂 I hate you!

[@connorlaird1644]

Nice 😂😂

[@SandyRiverBlue]

I worked an HR job some years back and after a scare with a new hire, that was fortunately caught before they could do any real damage we had to go through extra training to spot problem employees. The instructor an Organizational Behavior and Groups psychologist also encouraged us to buy and read a book by Robert Hare, the creator of the PCL-R (psychopathy checklist). This book was a real eye-opener, titled "Snakes in Suits: When Psychopaths Go to Work" by Babiak and Hare. It's really well written for the mass market and reads more like a short story anthology with explanations before and after each section.

[@Sendu7]

My first thought was he has the mind of a psychopath - able to trade on his confidence despite being immoral and incompetent.

[@shane_rm1025]

His book "Without conscience" is also very good

[@MoreEvilThanYahweh]

Just like no one really learned from this incident, not enough people act upon the things in that book if the state of the world is any indicator.

[@fynn7972]

Thanks for the book recommandation.

[@TheAkashicTraveller]

So I guess the psycopaths who already made it don't want the extra competition.

[@rosewood1]

Great film. As a professional auditor one of the things I always had to fight against were my own senior managers who wanted to take short cuts. To get the job done. Who wanted to adopt a new risk based approach without really understanding the risks involved. Nevertheless I identified fraud, major errors and significant incompetence. The challenge today is much greater because complexity is exponentially greater. Cheers all

[@SkyWidows]

This guy lived in the same estate as me in Galway, customer in the shop I worked in too. Would barely look at me let alone say hello. Really weird feeling when I was watching Rogue Trader for the first time; one of my favourite actors portraying one of my neighbours, who brought down one of the biggest banks in history!

[@moscow521]

His ego drove this entirely. It was his performance that mattered. I can't fault him for trying to recover the losses. I'm not sure he was in paradise, more like a living hell! Mr. Ronald Biggs would have handled things differently had he found himself on the Baring's Train!

[@gelbsucht947]

I was a teacher at the school Leeson attended, although by that time he was a former pupil. We came in one morning to hordes of reporters hanging around the premises trying to get a salacious quote about him from just about anybody. His maths teacher described him as ‚no intellectual‘.

[@DeltaAssaultGaming]

Math

[@RonniePickeringMate]

@@DeltaAssaultGamingMathematics…

[@cdprince768]

"How a Team of Horrifically Incompetent Auditors Destroyed England’s Oldest Bank." Fixed.

[@TimothyWorel-y9k]

Grant Thornton's advice to Manchester Building Society forced the Society into being taken over.

[@domenicsandri2740]

The fact he doesn’t take responsibility for DECEIVING his employer, no matter how simple it was that the proper analysis of his submissions by his employer could possibly have found his deceptions, is not an excuse for his made deceptions, especially of the fact he continued deceiving. He obviously has no remorse, so he should have had a very stiff penalty, not an easy penalty, which he did.

[@tensemurm5924]

@@alexo9580 I disagree. He describes one side of successful people in business - the talker. Most of the top people know how to talk to anyone about anything and get what they want. Seems he can do that, or at least if he finds the right audience. But they also generally have something to offer, and are highly skilled as well. That's not the case for him. He only managed to get away with it due to incompetence from others, not because he was brilliant. And he didn't seem to have any other skills - hence why he was passed over at Morgan Stanley

[@Allthedifferentcheeses]

@@tensemurm5924 what has any of that piffle got to do with his unwillingness to accept any responsibility. You might fail to lock your doors at night but if you get robbed that's still down to the robber.

[@tensemurm5924]

@Redacted What are you talking about? I was replying to a comment which got deleted, I never said anything about taking responsibility.

[@domenicsandri2740]

@@tensemurm5924he was just a conman. Making up lies about his work of which he was employed to do. Yes, his submitted work wasn’t checked but it’s not an excuse to get away with it. I don’t know what statement you were replying to but I see no value in what he did. Why? It’s because it’s based on lies which are clearly not real and not based in reality.

[@tensemurm5924]

@@domenicsandri2740 The other reply was essentially saying that if the guy had gone legit, he likely would have been a top businessman because all the top business people are charismatic and some other shit. My point was that top businessmen are usually charismatic/talkers, but they also have skills and something to offer. This guy is a talker, but he didn't have anything to offer so he wouldn't have been successful without lying (hence why he was repeatedly rejected).

[@michaelhart7569]

The joke at the time ran: "Nick Leeson, he's got balls, but no Bearings." Trivia: In England Hertfordshire is pronounced "hartfordscheer" or "hartfordsha" with a silent a. English county names are generally always pronounced this way, the main exception being when they are referred to collectively, as in "out in the shires" when it is spoken with a strong i.

[@jonas1015119]

Pronunciation example, by Jeremy Clarkson kzbin.info/www/bejne/i5DIlWumd7KYopY

[@markofsaltburn]

Bellocks.

[@michaelhart7569]

@@jonas1015119 Yup. That's the way to say it. Thank you.

[@bezbezzebbyson788]

Hetfodshaa

[@skksjskrififfk7216]

@@bezbezzebbyson788 lmaooo

[@RickGraham]

Been hoping for this one and you didn't disappoint, as always. Great work.

[@ayandey137]

Whaaaat? Didn't expect a Guitar God in the comments 😲

[@AwesomeBlackDude]

@@ayandey137 doesn't this fit in the classification of,.. that's something that you don't see every day. 😬

[@ayandey137]

@@AwesomeBlackDude absolutely !

[@GM_Blue]

While you were hoping for this video, I was hoping that you were doing EXTREEEEEEEEEEEEEEEEEMELY well.

[@vladjoldis5553]

Lol Rick, weird place to find you

[@markianclark9645]

As a born and bred North Londoner...I watched this unfold in the news every day for weeks...I can't imagine being the most hated person in England...it's bad enough I was unloved and unwanted by my mother...but I managed to get through life without causing even a ripple...I had a lot of jobs though...at around same age as Leeson here 28 I had 7 jobs in 1 year...I wasn't trusted with a stapler let alone hundreds of millions...

[@miaferrari958]

Why you gotta break my heart like that with that comment about your mother, sir? :(

[@mensax8054]

I bet the stapler would’ve been stolen by you if given the chance

[@jackotherstar]

Just noticed this after my millionth watch through of this video but when Dagogo talks about Wall Street and NYC in ‘94 he uses footage that not only looks old but also is old since it has the Trade Towers in it. A nice touch I noticed and shows how much work he puts into his videos.

[@Failure_Is_An_Option]

2011 is not old kid.

[@jacqueline746]

@@Failure_Is_An_Option 2001* is old in comparison to how much footage there has been since then, and how much it's advanced

[@themomorain]

Only 4 years of prison for such a insane screwup? That’s mental

[@murraycharters6102]

@themomorain. I agree with you . That narcissist and completely addicted gambler should have been locked up for at least 20 years for the damage he caused to people’s savings and furthermore the dickheads at the bank who allowed him to do it should share a cell with him.

[@ikitclaw3299]

Your delivery is absolutely superb, cleanly delivered facts that are understandable for the uneducated like me, thanks

[@CarthagoMike]

Fun fact: ING, the bank that bought Barings, almost met the same fate in 2008. During the early stages of the financial crisis, it turned out the books were incomplete, and a lot of now falling investments were not accounted for. The bank needed a 10 billion Euro state loan in order to mitigate this, which was later supplemented with more money infusions, to prevent the bank from collapsing.

[@fjfell5979]

ENRON anyone? Hide the bad stuff in a subsiduiry and record it as a collectible owed to the parent. Voila, -a debt becomes an asset. Then value the asset as what it would be worth with interest 10 years in the future. Creative book keeping at its best, ....until you have to pay a bill, -with cash.

[@supercoolyguy]

It never ends

[@peggydadaille8801]

I worked for Baring Securities in NY during the time this occurred and it had been a great place to work! It's surreal to see it on youtube.

[@chrise202]

The legend says that Barings still sends him money for trading futures, even today...

[@pammmmm]

Wouldn’t be surprised 🧐

[@hmartinspliff]

Mr. Leeson has a very particular set of skills. Skills he has aquired over a not so long career. Skills that make him a nightmare for banks like Barings. If you audit his accounts and decide to let him go, that'll be the end of it. He will not look for you. He will not pursue you. If you don't audit his accounts, he will look for you, he will find you, and he will bankrupt you! Barings bank had their money *_"Taken"_* by Mr. Leeson.

[@pain21229]

@@hmartinspliff that was fire my guy

[@pookiegrindtime9708]

Why does it hurt when I pee

[@user-ys8bb2ts7s]

But they don't exist anymore lol

[@wutangalex]

This is a really great video. I remember when this happened and it was absolutely massive. In the news here in the U.K. it was on non-stop on TV and in the papers. People actually hated him big style because of his attitude.

[@FresEST]

Unironically one of the most notable people from my hometown that isn’t a Footballer.

[@fruityslotsscamfans]

His house 🏠 is like a premier League players gaff

[@eddixon2015]

Don’t you guys have Sir Elton?

[@FresEST]

@@eddixon2015 nah he was born in Pinner but he was just a fan of Watford F.C

[@eddixon2015]

@@FresEST ah snap, I knew that too. I guess Pinner is part of Greater London and Watford isn’t. Forgive me though, it’s been a while since I’ve been to England

[@michaelhaydenbell]

I'm guessing it's my fault but using "unironically" in that sentence is breaking my brain for some reason. Is it because typically you WOULD expect irony here...or...?

[@jupitired777]

6 and a half years only is crazy. That's insane.

[@notmenotme614]

Makes you wonder how much of this still goes on in finance and banking. A system so complex that not even traders and bankers fully understand and therefore manipulate it to their advantage. The difference is, in 2008 some of the banks got a bailout for their mistakes.

[@Jagrofes]

Constantly. Sociopaths like this that can lie and manipulate just as they breath are basically top of the food chain.

[@JPKnapp-ro6xm]

One of the first principles of accounting is that a company must require the signatures of two employees to authorize a cheque. This prevents one person from embezzling. Barings essentially violated this basic principle. They were ruined by their own stupidity.

[@brinckau]

All the managers were convinced that Leeson was doing a fantastic job. So, they would have given 10 signatures if needed, to approve the transfer of money to Leeson. Because they all believed what Leeson was telling them. It would not have helped. The problem was different. They conducted audits that were superficial only.

[@louisliu5638]

This happens on a small scale in unions, non-profits, athletic teams: one signatory is out of town or on vacation, or busy, and signs advance checks (payroll re-imbursement, small change) than the Treasurer "funds' move out. One softball team in Victoria is missing over 300 GRAND. I had no idea that much money was involved in a volunteer org.??!! And how about First Nations money?? The Fed. govt. in Canada is SCARED to "audit" correctly as it's not "woke" acceptable, so hundreds of MILLIONS of tax dollars go out the door with ZERO oversight.

[@99bobcain]

Two signatures means you just need to get in on your accomplice's takings..

[@louisliu5638]

@@99bobcain People accomplish all kinds of bad habits: when I was Treasurer lazy management would WANT to sign blank checks in advance so I wouldn't be "bothering" them, or they were ou tof town. Bad idea. I could have ripped the society, business, or union blind and no one would have found out for years.

[@alexdenton6586]

That's why you should always be wary of those who are overconfident or who tend to talk too much or show off. I always thought and I still think that those who talk the most are those who know the least in any field. Especially since self-confidence is usually a facade and it's even worse for those who have too much of it

[@poeperdhe]

That is when you know you are dealing with sociopaths/narcissists or psychopaths

[@abisheknayyar]

But they are also the ones who are loved by management the most 😀 have seen so many examples in my work .. they get all the promotions, hikes etc

[@elizabethmolino8262]

Exactly.

[@AlphaGeekgirl]

Yeah, only based on this ONE example. Not much of an investigator, are you. I’ve caught way more fraudsters who were never arrogant or overconfident.

[@nainatalwar8050]

@@poeperdhe ◽ SERCH ADITYA RATHORE, HE ALSO MAKES INFORMATIVE CONTENT LIKE COLD FUSION

[@MKultra81]

4 years... holy shit. People go to jail for a much longer time without destroying thousands of peoples savings.

[@NovejSpeed3]

Wow another amazing story I knew nothing about. I've learned so much from this channel! Thank you Dagogo!9 This man is so cold. He literally cost thousands of people in multiple countries their jobs and/or savings who had nothing to do with the few he claimed were inept at the job. He'd be in protective custody for the rest of his life if he did that in the US.

[@lunasophia9002]

You sure about that? The US is garbage at prosecuting people who commit this kind of crime.

[@Tential1]

Uh, the bank only catered to the most wealthy. He didn't hurt any normal people lol. Or not that many. A lot of rich people got screwed though. Not saying it was wrong, but if a dude with 10 million now has 5-8 million, I'm not crying too much for him. Wealthy people diversify banks anyway (unless you're fucking stupid) for this exact reason. Hell, by these guy's standards I'm dead broke and I still use 4 different banks to hold my assets, just in case.

[@NovejSpeed3]

@@Tential1 so none of the low level ppl that worked there didn't get hurt?

[@wobblybobengland]

A second cousin of mine worked for Bearings at the time, he was in Singapore living in a hotel, overnight his credit cards were cancelled and he was thrown out of the hotel, of course he survived to tell the tale!

[@Talkathon408]

The first syllable of Hertfordshire is pronounced 'heart'.

[@swampy1234]

Lol.. English 😕😒

[@nerdforskating]

No it is not.

[@swampy1234]

@@nerdforskating it is, but who cares?

[@Profanity1]

@@nerdforskating Yes it is

[@BigNorthernBloke]

Worrrsestershiire

[@FahadHizam]

It's incredible to think one person's actions could bring down such a historic institution. This story shows the impact of poor risk management and the devastating consequences that can follow.

[@LA-fr7fx]

What Nick says - "bumbling fools" applies to much of senior and executive management in many companies. The executives do not understand the business they run.

[@Baroth666]

I was still living in London at the time, and this mess was everywhere in the medias. I'd forgotten about the insane sums of money involved though. Watching this decades later is unbelievable. Yet, the broker's mentality, arrogance etc hasn't really changed that much over the years. I worked right in the city, St Paul's, up until 6 years ago, dealt with them on the daily, and the mentality/attitude isn't much better now. Young(and old!) brokers are still arrogant as ever,and coked up (although they now dabble more with Ketamine).. You'd think the 80's had never ended. Cautionary tale for sure.

[@mikvance]

He’s actually right: they were run by idiots. He’s still wrong for taking advantage, but the bank didn’t do any due diligence.

[@michasz4297]

I'm quite surprised no auditor had figured it out before Leeson was caught.

[@angelgjr1999]

They claim they didn’t know. Often times auditors turn blind eye. Same thing happened in America in 08. All the banks knew the economy was crashing and did nothing to stop it. The hedge funds made billions while the middle class suffered.

[@Elegant_Sausage]

Run by GREEDY idiots

[@auroraalpha34]

@@angelgjr1999 it's the same as the high-vis jacket or ladder affect, people are insanely gullible so long as the person lying is confident enough about the lie

[@Wyrdn3ss]

@@michasz4297 The video sums it with a quote that basically is all of finance in a nutshell "If it's making money don't fix it", anyone who has worked in the financial industry can't tell you how hard this line describes it.

[@adamarket]

Great video. One aspect you don't really talk about is the continued classism in the UK which I grew up with in the 70s, 80s and still very much existed in the 90's. It's a key reason this working class lad left for the United States in 1993 and made a career in advertising for myself in California. For American audiences, can you tell the difference between Nick's working class accent and what my mum used to call the "plumb in the mouth" accent of the other Barings' ex-employees who are obviously from private schools. I think this may account for some of Nick's arrogance, that these people who often see themselves as better, because of their "breeding" should have been able to catch him at his game. Clearly, he outfoxed them for a long time. That said, I find his flippant attitude to the damage he caused distasteful. Thought this might be some useful context though.

[@nathasyapramudita6312]

"If it's making us money, dont fix it." Woah, saying like a true banker XD

[@ivan-Croatian]

Right back in their faces!! 🤣🤣

[@SofaKingShit]

It's perhaps like Deutschebank and Pablo Escobar. Apparently it's hard to notice who is sitting over the table when there's mountains of money getting in the way.