Episode Details

In this episode of pplpod, we dive into the high-stakes rise and fall of Nick Leeson, the derivatives trader infamous for single-handedly causing the 1995 collapse of Barings Bank, the United Kingdom's oldest merchant bank.

We explore how Leeson, the son of a plasterer from Watford, rose to become a general manager in Singapore, where he began using an "error account" to hide unauthorized speculative trades. We recount the desperate "doubling" strategies and the catastrophic bet on the Japanese stock market following the Great Hanshin earthquake that eventually resulted in losses totaling £827 million ($1.4 billion).

Finally, we track Leeson's life after fleeing Singapore and serving time in Changi Prison, covering his survival of colon cancer, his tenure as CEO of Galway United F.C., and his ironic pivot in 2023 to becoming a private investigator tracking down financial misconduct.