Baring Bank
About Baring Bank
Britains oldest merchant bank, founded in 1762 by Francis Baring. The bank financed the Louisiana Purchase in 1803, the Napoleonic Wars, and the British Empire. The bank was so trusted it was called the Sixth Great Power of Europe. In 1995, Nick Leeson, a 28 year old trader in the Singapore office, lost 1.3 billion in unauthorized futures trades on the Tokyo stock exchange. Leeson hid losses in a secret error account, number 88888. The losses exceeded Barings entire capital. The 233 year old bank was sold to ING for 1. Leeson fled Singapore but was arrested in Frankfurt and served four years in a Singapore prison. He later became a motivational speaker.
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