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From: TFF	1/25/2008 2:35:22 PM
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Leeson ‘shocked’ at size of scandal Nick Leeson, the original rogue trader, said the £3.7 billion fraud at Societe-Generale proved financial institutions had not learned their lessons. Leeson caused the collapse of Barings bank in 1995 after costing the group £860 million. He told BBC News 24: "The first thing that shocked me was not necessarily that it had happened again - I think rogue trading is probably a daily occurrence in the financial markets. advertisement"The thing that really shocked me was the size of it. There are occasions when these sort of scandals will occur in different banks and financial institutions, but I never thought it would get to this this degree of loss." He accused the banks of focusing on making money, at the expense of risk management. Mr Leeson said SocGen was at the "cutting edge" of the derivatives markets, but management would have been "totally divorced from what was going on" in terms of the fraud. Publication date 25/01/08

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