Nick Leeson on Northern Rock

Barings Bank rogue trader, Nick Leeson, talks about his past and the future of banking.

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[TuxIsCool]

@flashysimon

Because many people in the financial industry have been doing what he did. Most recently in the last 7+ years. Because he did this back in the 90s he can point out the bullshit. Unlike today though, he had to go to prison. Nowadays banks and investment firms collapse and most of them get a bailout from taxpayers and no prison time.

[flashysimon]

Why are people asking for advice to one of the worst losing traders on the planet who had to hide all of this losses in order not to get fired?

[TheBigbigKat]

It's precisely because he's experienced first hand what happens when finance goes wrong that we should listen to him. He's ideally suited to speak honestly and bluntly about finance. I'd trust Leeson more than some of these other "successful" traders who are full of themselves and who just put up a front of bu**s*it.

Also I dont know Leeson personally, but can only say whenever Ive seen him talk in public he comes across as humble, honest and straightforward (a rarity amongst traders).

[MrGrantNewlands]

Why in the name of God would anybody want to know this sh*t bags opinion on anything, especially finance. I hope people spat at him at whatever fair he's at. He is a deluded maniac, demonstrating his continued delusion in this interview. When he started trading his trades were usually wrong, and he couldn't admit that and unwind the positions. Ending up with horrific losses and simply lying about figures. NOT A TRADER JUST AN ACCOUNTS FRAUD!!!!

[TuxIsCool]

@CookaChicken

Hey, big week this week. We will see how the market plays. Investors are desperate for good news right now. Especially in Europe. Look for news out of Europe. The U.S. is going to have a big week. Economic reports are coming out starting Monday - Friday. Peoples expectations do not look very optimistic, so a big focus is on Europe to see if they have any positive news coming out to rally the markets with. This could be a volatile week!

[mrhuge815]

Why ask a guy who lost near a billion for advice on how to fix any kind of financial issue? The cult hero status this guy has gained from destroying am historic financial institution such as Barings is an absolute disgrace. Not to mention only 4 1/2 years in prison for doing so? Wow..

[CookaChicken]

@TuxIsCool I will do that,research is always helpful,by the way did you see the commodity drops yesterday,what a shame,i was sleeping while the whole thing was happening by the looks of it,a lot of the boys(firms ext)with the big wallets sold off their commodity's and dumped them in the forex market, against the euro, it happened in the QE1 when the price of silver dropped to roughly 4 dollars,silvers going short,only thing is you cant trust a F**i*g commodity,you'll end up like nick over there

[TuxIsCool]

@CookaChicken

You may have to research to find the specifics on how floor traders get hired these days or how many people hold those jobs now. I do know that computers reduced the size of certain pits mentioned in my previous post.

Yes, it is getting interesting. We will see what the G-20 does to influence anything. It didn't rally the market too much. Also Italy and Spain is making its way into headlines of problems as well. Shorting can be good, but small good news can reverse it these days

[CookaChicken]

@TuxIsCool Ha ha, ye i know, most of those positions are done with, the computer is taking over, now its more like a game right, is it quite in there now, or is it still loud?? I've always wanted to have a position in NYSE Euronext or even the stock exchange in London or at Piazza Affari in Italy. Yes someone who had the (Beeeeep) time to read our youtube chat thread. if I'm not mistaken i just typed in the contracts one should short on, lol I'm so happy i saw this one yet again, I love Money.

[TuxIsCool]

@CookaChicken

A lot of those jobs where people are in the pit shouting and using hand signals are now done with computers. Like at the Chicago Board of Trade and at the Chicago Merecantile Exchange the pits aren't as large with people trading as it once used to be. Now they look at computer screens all day and trade.

P.S. what a day on the markets...speaking of shorting.. someone out there probably made good.

[CookaChicken]

@TuxIsCool well I'll invest in a short any way, say you wouldn't happen to know how i could work on the floor in wall street would you? I'm in Athens right now, speak of the devil! do you work as a trader in wall street?

[TuxIsCool]

@CookaChicken I don't tell people how to invest. To each their own. However, Greece isn't looking good. They are taxing everyone including the poor, pensions, people heading into retirement. This can cause problems because people can get violent and riot. This does not send good signals to the market that Greece is under control. Walkouts are already supposed to happen this week. If Greece goes, you can probably short anything on Wall Street. The FED already said we don't have much to give.