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25 Million Pounds 3/6 Adam Curtis (1996)

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Uploaded by on Mar 4, 2010

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  • @sosdkny I think what you'll find is Barings did not have to declare exactly what accounts the trades were going to. The exchange will usually only require you to designate whether its a house or client account. In this case, Barings would have had many house accounts hence the trades going into the error a/c going unnoticed.

  • Psychopath......

  • @leboharold the people being interviewed are actually talking like they aren't the smartest people....

  • You would have to be a genuine idiot to do an audit and not notice fraud or huge losses to your bank .

  • "right"..tension cuts the air

  • I kinda like the fact that he did all these crazy trades... sort of taking the piss out of the bank... funny.

  • Sure but my issue with this was the error account. It looks as though he was using it but wouldnt SIMEX have noticed what was going on? The error account would have been registered with SIMEX also. IMO SIMEX didnt have a care in the world as long as they were receiving bing commisions of his trades.

    Who knows.

  • @sosdkny well not quite surely this was all internal, SIMEX just make sure everything on their side is above board which it appeared to be. they were regulating it to the degree they had to. they regulate the exchange not the bank accounts of traders.

    not that i do not think that greater regulation and oversite of stuff like this isnt important and there should be far stricter rules and far better oversite than there was or is. but the point is this happened because of this lack of oversite

  • Forget Leeson, forget Barings, they are at fault but the buck stops with.....

    SIMEX!!! They are supposed to regulate the exchange, they didnt!!

  • Sounds like the student loan scam in the US

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