Nick Leeson News
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Baring Asset Management, the money manager once owned by the bank brought down by Nick Leeson, is shunning Egyptian stocks until the country’s talks with the International Monetary Fund for a $4.8 billion loan conclude.
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Nick Leeson, the trader whose wrong- way bets on Japanese stocks ruined Barings Plc, is joining a mediation firm to advise Irish borrowers looking to renegotiate debts in the wake of the real estate collapse.
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Nick Leeson, whose unauthorized trades brought down U.K. bank Barings Plc in 1995, has become a partner in distressed-debt adviser GDP, the Irish Independent reported.
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Nick Leeson, the trader whose $1 billion of bad trades in 1995 caused the collapse of Barings Bank, apologized to his former boss, the BBC reported.
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UBS AG, Switzerland’s biggest bank, failed to learn the lessons of billion-dollar losses at Societe Generale SA and Barings Plc, lawyers said.
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Kweku Adoboli, the UBS AG trader arrested in London yesterday, admitted to causing losses while the bank’s risk-control officers were examining his trades, a person with knowledge of the matter said.
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If Jerome Kerviel is convicted next week of causing Societe Generale SA ’s 4.9 billion-euro ($6.5 billion) loss, he won’t face the kind of sentences given to financial felons such as Bernard Madoff -- or even Nick Leeson .
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Kweku Adoboli, the trader arrested yesterday on suspicion of fraud at UBS AG, hired lawyers at Kingsley Napley LLP in London to represent him, a spokeswoman for the law firm said today in a phone interview.
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Singapore’s new Attorney General Sundaresh Menon took office today as the city state steps up its pursuit of financial misconduct and prepares to further liberalize the legal industry to boost its economy.
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Former UBS AG trader Kweku Adoboli was sentenced to seven years in jail for fraud in relation to a $2.3 billion loss, the largest from unauthorized trading in British history.
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