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Politics : Politics for Pros- moderated

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To: skinowski who wrote (739575)	1/31/2021 11:56:17 AM
From: Maple MAGA	Read Replies (2) of 793970

76.4 of retail accounts lose money, and they lose money to people like Jason Zweig. Of course the experts are not perfect either... "Nick Leeson left a note reading, "I'm sorry" and fled Singapore on 23 February. Losses eventually reached £827 million ( US$1.4 billion), twice Barings' available trading capital. After a failed bailout attempt, Barings, which had been the UK's oldest merchant bank, was declared insolvent on 26 February. After fleeing to Malaysia, Thailand and finally Germany, Leeson was arrested in Frankfurt and extradited back to Singapore on 20 November 1995, though his wife Lisa was allowed to return to England. While he had authorization for the 16 January short straddle, Leeson was charged with fraud for deceiving his superiors about the riskiness of his activities and the scale of his losses. Although Leeson committed continuous and large-scale fraud over the years, Barings were responsible for the deficient internal auditing and risk management practices which allowed the fraud to continue and multiply."

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