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How One Person Brought Down Barings Bank
What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.
In this episode of Season 2, Tom and Mike explore the Barings Bank scandal
The focus is on the actions of Nick Leeson, a trader who single-handedly bankrupted the historic institution. The discussion highlights the critical mistakes made by the bank, including a lack of oversight and the dangerous combination of trading and settlement roles. The podast also explores the broader implications for compliance and risk management in financial institutions, emphasizing the importance of segregation of duties and the pressures that can lead to unethical behavior.
Key Highlights:
Memorable Quotes (all from Mike DeBernardis)
“Nick single-handedly bankrupted the oldest merchant bank.”
“He was a golden boy trader making tons of money.”
“Barings Bank was sold for one pound.”
Resources:
Mike DeBernardis on LinkedIn
Hughes Hubbard & Reed
Tom Fox
YouTube
Texas Tax rate at 80% of 8.25%
View all episodes
By Thomas FoxWhat is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.
In this episode of Season 2, Tom and Mike explore the Barings Bank scandal
The focus is on the actions of Nick Leeson, a trader who single-handedly bankrupted the historic institution. The discussion highlights the critical mistakes made by the bank, including a lack of oversight and the dangerous combination of trading and settlement roles. The podast also explores the broader implications for compliance and risk management in financial institutions, emphasizing the importance of segregation of duties and the pressures that can lead to unethical behavior.
Key Highlights:
Memorable Quotes (all from Mike DeBernardis)
“Nick single-handedly bankrupted the oldest merchant bank.”
“He was a golden boy trader making tons of money.”
“Barings Bank was sold for one pound.”
Resources:
Mike DeBernardis on LinkedIn
Hughes Hubbard & Reed
Tom Fox
YouTube
Texas Tax rate at 80% of 8.25%