I never thought I'd write these words, but Nick Leeson - the original rogue trader - is back, baby! Well, kinda. It's not like he's slinging SWAPS on Canary Wharf or anything. But the man who famously destroyed Barings Bank and whose iconic SIMEX trading jacket sold for £21,000 in the aftermath is now back in the biz, albeit in a decidedly less prestigious role than he's used to.
The one-time convict and recent CEO of Galway United FC is bringing his unique perspective on coping with terrible situations to the aid of the rapidly growing number of Irish homeowners facing foreclosure. He's taken a job with GDP Partnership - a debt restructuring firm in Belfast - and he's optimistic that he's going to be able to help a lot of people and repair his damaged reputation.
"I've faced into a number of difficult situations in the past and ultimately seen them turn for the better," Mr. Leeson said in a GDP news release. "It is often difficult to see the solution but rest assured there is always one available."
In addition to his many other talents, he clearly has a gift for understatement.
I know Leeson probably doesn't mean a lot to most of you guys, but to guys my age he was an absolute demigod. The breadth and depth of his fall from grace was a sight to behold. He was kind of a bedrock of finance lore in the 90s. I had a boss who used to yell, "Who the fuck do you think you are, Nick Leeson?" whenever I disagreed with him on a trade.
Let me tell you why I hope this works out for Nick while I hope the vast majority of his imitators over the years go nowhere in life: Nick is clever, and he's resilient. He never blamed anyone else for what he did. When he knew he was caught he did what any proper criminal would do and went on the lam. And it might be a small distinction, but he never stole from mom and pop.
Anyway, I'll leave you with both the trailer and the full movie (if you have the time it's totally worth it) for Rogue Trader. It's probably Ewan McGregor's best movie (okay, maybe Trainspotting, but a different genre). It'll give you an idea of what a big swinging dick Nick was in his prime, and might very well be again someday.
It's actually unreal this guy is back. It reminds me of Rep. Weiner or Elliot Spitzer having a career again...I'm about 50% sure at this point old Bernie will get probation and decide to open another fund.
Eddie, more power to the original Rogue Trader. I hope he succeeds in this.
Are you fucking joking? The guy is POS, he should have been locked up for good. These are the kind of asshats that bring about all kinds of regulation/vilification to the finance industry.
Are YOU fucking kidding me!? Ya he fucked up royally, but there's countless traders, CEOs, and hedge fund managers who also have fucked up big time - not only ruining their firm but economy as well - who won't see a lick of jail time. And lets not forget Barings' role: allowing him to be a chief trader and also involved in trade settlements. That's a bad recipe.
Leeson deserves a second chance and I'm glad he got it. He's a legend and a classic bloke. The mooning incident really should have given Barings a clue to Leeson's recklessness.
Here's a link to the documentary of this fiasco: http://topdocumentaryfilms.com/25-million-pounds/
This movie has been on my Netflix queue forever. Looks like I'll have to watch it this weekend. Thanks for the rec Eddie. By the way have you ever watched the documentary Floored? That one is on my list as well.
Let me know if you have any other good finance movie recommendations.
I will have to see if I can get some time to watch that movie, looks cool.
Great trailer. I have to watch this
The movie is really low budget and kind of boring I thought... The story itself is great - I read about it in a book titled ' Ugly Americans' by Ben Mezrich which I highly recommend.
The feel good story of the year!
He's gonna bankrupt GDP partnership and go on the Lam again.
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