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20 years on
Nick Leeson: I sat my sons down this week to pass on the hard lessons I have learned
In an exclusive piece for TheJournal.ie, the former ‘rogue’ trader writes of his panic and embarrassment on this week 20 years ago as he collapsed a 232-year-old bank.
Nick Leeson on his arrival from Germany in Singapore in 1995; on the day of his release from jail in 1999; this week. Press Association / AP images
Press Association / AP images / AP images
THE 23 February 1995 and the ensuing days are not ones that I am likely to forget. Not least because the 25 February marks the date of my birthday but, by some strange twist of fate, these are the same days that mark the collapse of Barings bank.
So in my world, my birthday is always inextricably linked with the most embarrassing period of my life. It’s a tough one: Do you celebrate, commiserate or lower your head in shame and hide away?
The fact is, it’s been 20 years now since the judge handed down my sentence. I don’t believe that there is a minimum length of remorse that I was told to serve.
However, life moves on and it’s important that we all remember that.
On the 23 February 1995, I left Singapore for the last time. Finally, I’d been asked an intelligent question about the illegal trading position that I was holding on the Singaporean International Money Exchange and there was no longer any way to continue the deception.
My number was metaphorically and literally up.
Planes, trains and automobiles comes to mind. I needed the quickest route out of Singapore.
Paranoia was my constant companion; everyone was looking at me. As I approached the immigration desk, it seemed that my passport grew to twice the size of everyone else’s and that every conversation in the departure lounge concerned me. Every nod of the head was directed at me and there was no way out.
Somehow, I managed to stumble aboard the plane and start – what for this period of my life – was the beginning of the end. My simple apology note when I hit mainland in Malaysia escalated the problem that the bank was facing.
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Early on the morning of 24 February, the Barings’ desks on the trading floor were vacant. The more astute vultures on the trading floor were already collecting memorabilia. By the close of business, Barings had informed the Bank of England of its insolvency and the message was conveyed to parliament.
The weekend of 25 and 26 February 1995 saw intense discussions taking place in the City of London. Was there a way to rescue Barings for the second time in its history or were the losses too big to quantify, or more importantly, to accurately calculate?
Unfortunately, the latter was the case and on the evening of 26 February, all 232 years of history of Barings bank was placed into administration. In the early morning of 2 March, I was arrested leaving a flight at Frankfurt airport and handed over to the border police.
It is impossible to distance myself from the embarrassment that still is the overriding memory of that period. I wanted to be successful but will always be remembered for my biggest failure.
That still rankles to this day but whilst it was a livid open wound in the beginning, as you read and heard things about yourself, it does become easier to live with.
No longer do the words disgraced banker, fraud, criminal feel like fingers digging deeper into that open laceration, they simply brush off the scar tissue that now remains.
As much as that period serves to remind the financial world of how badly things can go wrong, it also serves as a reminder that you can recover and move on. I suppose that has been the most empowering part of my journey; at least to me. Prison was quickly followed by divorce and the onset of cancer, chemotherapy and a very bleak outlook.
Somehow though, you garner the strength to overcome. I firmly believe that it is innate within all of us and that we are only ever confronted by problems that we are able to work through.
I sat down with my two sons earlier this week to discuss in more detail than they’ve previously heard about the collapse of the bank and the messages that I would like them to take from my experiences.
I was never a great communicator but thankfully I have had to become one through the circumstances that I have had to face. It’s not always easy and I started by keeping a diary. Confronting my thoughts and problems on paper was an easier way to start.
The lessons I gave my sons are all quite simple but I think they need to be regularly enforced.
All action has consequence. Before you take any action, make sure that you are aware of the consequences and properly appraise them. It is always important to be responsible and accountable for you actions.
There is no mistake/problem that cannot be overcome. I have had to face into the abyss many times but there is always a way to work through your problems. It’s not always readily apparent what that route is, but you have to communicate and explain the problems that are facing you, at work, at home, at school. I explain that I am always there to help and whilst I’ll give advice, I will not judge.
Always ask for help and advice. I was surrounded by people that could have helped and steered me in a different direction but I thought I was able to deal with the situation and, as we now know, I wasn’t. Asking for help and advice early in my time in Singapore would have seen a very different outcome.
Everyone makes mistakes. Don’t ever be afraid of making mistakes but if you do make a mistake, never hide them. Hiding a problem only ever compounds the issues.
There are things in your life you can influence and things in your life that you can’t. Focus on the things that you can influence and don’t let the things that you can’t influence worry you.
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@Lorraine collins: You are an example of the world gone mad, you actually think it’s great that a man was eaten alive? Be careful Karma does not catch up with you for being so evil.
@Tom&Gerry: a poacher who maybe in cahoots with the likes of ISIS which funds their fun and games. Which brings more refugees/migrants which you moan about so much. So no I won’t cry false tears for him. You live by the sword you die by the sword.
@Róisín Daly: ISIS are expanding operations into the poaching game now are they? FFS, claiming he may have been in cahoots with the lizard people and reverse vampires would be an equally valid statement.
@Liam Doyle: i am not sure where I read the article national geographic maybe go and find out yourself. If you join the dots to most things it always comes back to power and money.
@Liam Doyle: it’s actually a well known fact that organisations like ISIS get in on organised crime as a means of fundraising and poaching and smuggling of illegal and high value wildlife products is part and parcel of that.
Sorry if you target lions ( an endangered species) illegally in order to cut off their paws to sell or to kill a Rhino for similar reasons and the lions kill you in the process
TOO BAD! That’s the risk you take when you perpetrate your appalling crime.
If a burglar came into your house in order to kill your dog and was shot by the owner do you think their would be any sympathy!!
@Tom&Gerry: are you insane ??? The poor lions didn’t drag him out of his house and eaten alive!!!! Yes, let me say it again loud and clear:EXCELLENT, it’s about time we respected animals rights.
@Patricia Dreemer: You are obviously deranged, and belong in a mental asylum. you really should have yourself seen seen to, you do know you are a raving lunatic don’t you?.Hopefully something similar will happen to you one day, but then with your crazy love for animals you would probably serve yourself up on a plate to them.
@Tom&Gerry: See that’s where you’re wrong. What if the lions had gone into an urban city to kill someone only to end up being killed and eaten by the people. Don’t be stupid, the lions were protecting themselves, it’s basic nature, the man lost.
@Warren Collier: No doubt that this man was doing wrong. But i find peoples reaction to his death more disturbing than his poaching. Its not good to gloat about someone being mauled to death by a lion. There is more sympathy for the lion who would do the very same to any one of us.
@Sinead Hanley: he went out of his way looking for the lions, the lions were just defending their territory. Its not as if a pack of lions went round to his house and mauled him
@Donegal Doseofshh: The man should not have been there, i get that. And he “didnt care” about the lions, which makes him an a$$hole. But comments here show that nobody “cares” about him or his family. I just think their attitude isnt much better than the poachers.
@Sinead Hanley: No-one is going to cry a year after that @$$hat, and I have zero sympathy for his family (if he even had one), they knew what he was doing, so, tough luck.
@Larissa Caroline Nikolaus: You are assuming that they agreed with what he was doing. Maybe they did. But maybe they did not and were worried about him putting himself at risk (yes, while wrongly harming animals).
@Donegal Doseofshh: How do you know what drove the man to poaching lions? You know nothing about the man’s background, which is probably very poor if he is a native African. He would hardly be poaching lions for the fun of it and risking his own life. It’s beyond cruel to be celebrating the death of a person. I’m sure if it was a story of a man being killed by another man, you wouldn’t be reacting so passionately.
@Donegal Doseofshh: You don’t know that he went out of his way looking for them, neither does anyone else, the only evidence is a loaded rifle which i am sure anyone travelling in that region carries. That man is someone’s son, father or husband. I am so sickened by the horrible remarks from nasty evil simpletons as to the death of this man. Maybe Karma will come back to haunt all of you one day, Maybe it will be you or a member of your family who dies such a horrible death.
@Tom&Gerry: No one cares what you think or how sickened you are. The poacher had all the advantages of being armed. The lions didn’t. One less ar$3h0le on the planet.
@Philip G Roark: I care what he thinks. He does make a valid point. No one knows he was a poacher for sure. Seems a bit premature to be celebrating his death..
@Philip G Roark: Read the story again, nowhere does it say that he was a poacher it says suspected poacher. the only evidence is a loaded rifle, which i am pretty sure anyone travelling in a region where there are wild animals would have, I would hope that the world is not full of simpletons like yourself. so yes, i would say there are people who would care. The Planet could well do without psychopaths who delight over a man being eaten alive.
@Tom&Gerry: it’s pretty clear that he went out looking to kill something. I didn’t make any bad remarks about him. I was just stating that he paid dearly for his bad decision making.
@Tom&Gerry: Sure. He just happened to be on a PRIVATE game reserve with a loaded rifle (he was trespassing) and he had no intention of poaching. I LOVE everything about this story.
@Níamh Hurleÿ: he was being stalked for at least a half an hour before the alpha pounced and he didn’t eve realise it .
Their domain-even more dominant at night .
It’s bloody high time Asian countries were subjected to economic sanctions for importing and/or trading in body parts of animals on a threat of extinction list published by the WWF. This will put an end to it. African countries found exporting should also be sanctioned.
RIP to the man. While I don’t understand poaching, I don’t think someone should pay the price of their life for their mistake. Hope his family are doing okay at this difficult time
@martin dolan: He didn’t deserve to die for poaching. That lion has probably murdered countless antelope, zebras, wild hogs etc, does that not mean the lion deserves to die?
@Patrick J. O’Rourke: You’re questioning why I’m not celebrating the death of a man? I think it’s pretty self explanatory. My sympathy is with the family of the man, yes.
@Pat Bateman: I don’t think people are ‘celebrating’ his death, I haven’t cracked open the champagne yet. But you surely see that what he was doing was so despicable and he knew what he got himself into.
@Pat Bateman: this is your counter opinion on this….lions are guilty of committing “murder”? Now I have heard it all. I’ll give you points for creativity. But you are a chock full of nuts.
@Pat Bateman: the stupid point you are trying to make is called a false equivalency. Another point for creativity, though. But you are still a chock full of nuts.
@Pat Bateman: You really have your ignorance on display for everyone to see, maybe educate yourself about what happens to the environment, when a population of prey animals explodes, because their main predator has been killed off? Then come back and spout that nonsense again, of killing a lion to save many zebras
@Pat Bateman: If you unintentionally approach a pride of hungry lions and they spot you before you spot them, you are going to die. People will have sympathy for you. If you deliberately approach them and die, people will say you’re a moron, but might still have sympathy. If you deliberately approach them with the intention of killing them, and they get you before you get them ? Sorry, but very few people would have any sympathy.
@Pat Bateman: I certainly don’t rejoice in anyone’s death but when it comes to the survival of endangered species a lion’s life is, indeed, more valuable. A lion kills to survive and will target the old and sick in a herd, the ones who don’t have the stamina to escape. This leaves the herd intact with those of mating age continuing to produce strong offspring. It’s called the cycle of life and contributes to a healthy ecosystem and ensures no one species overpopulates. Poachers and hunters do the opposite as they target animals in their prime which causes imbalance in the whole environment.
Great news! He deserved it! Maybe other poachers would think twice, sadly i doubt it. The sanctions should be put in place. Sadly, can’t believe one or two of the comments here. Thankfully just one or two people. Especially the comment about lions murdering zebras. Absolutely Braindead.
Poaching out of control in South Africa wildlife parks…Rhinos almost gone thousands of elephants are being killed every year….Having a corrupt government does not help either….
@Pat Bateman: Don’t tell me you don’t understand the difference between a farmed animal being slaughtered for food, and a wild animal being poached for some superstitious ‘medicine’, you’re a grade A eejit
@Larissa Caroline Nikolaus: there are differences, but there are also certain comparables ie; unnecessary killing of an innocent animal. You either support it or you don’t. So enjoy your burger, killer
@Pat Bateman: you seem a bit confused. That burger you keep mentioning comes from an animal bred to be eaten and for every part to be of use to us. That’s part of why people say a prayer before dinner. Animals that are poached are often killed for just one part to be used and the rest left to rot. There’s a big difference also in necessity vs greed
@Dave O Keeffe: So it’s not the killing of an animal that’s the issue, its what happens to the carcass. Most people don’t say prayers before dinner, you seem a bit confused
@Pat Bateman: it’s not the killing of the animal that’s the issue it’s the purpose. To feed people or just purely for a souvenir. There’s a massive difference. I never said all people say prayers before meals. I don’t. But I am certainly mindful of the food that I eat and often go get it myself, legally.
One being endangered to the point of extinction by poachers for trophies and the other bred for food to feed billions of people around the world…… great point
The level of ignorance and hipocrasy here as usual . I’ve worked in this Provence in South Africa. The poachers are fathers and brothers of families who are so so dirt poor and do this in order to feed their starving families . They are well aware they may be mauled but hunger and poverty over ride this when you are trying to survive . It doesn’t make poaching ok but it does show the levels that some people are forced to go to to feed their families (the money paid for animal parts not the animal) . Also I’m pretty sure most who wrote ignorant comments have no problem tucking into their slaughtered animal dinner and lunches today . Think before you post uneducated drivel
@Inny Ginny: Learn the difference between poaching and slaughtering a farmed animal for food, then come back and let’s have a discussion, there’s is no excuse for poaching animals that are endangered, or on the brink of extinction, if wealth was the issue, then why doesn’t every poor African farmer start killing and cutting off the heads and paws of lions? Get off your moral high horse, or out of your Ma’s basement
@Inny Ginny: I agree. I’m shocked by the cruelty of the comments here too. I think if people from 1st world became poor and had no opportunities, they would do to illegal things in order to feed their families and survive somehow.
@Inny Ginny: Thanks for that information. The comments here are pretty shocking i have to say. Trial by social media, jumping on the bandwagon etc etc. I cant understand it.
@Larissa Caroline Nikolaus: Inny has worked there and has just told you of the struggles that these farmers have to feed their families. Is it possible for you to reply to Inny without an insult?
@Inny Ginny: and what about the lives of the dozens of wildlife rangers murdered by poachers each year? The ‘poachers have no other option’ claim doesn’t hold up as statistically more money is brought into an area through tourism where the attraction is wildlife than through hunting and poaching where the real profits are made overseas.
@Sinead Hanley: why all the “fluffy” stuff about his family and what they knew? He put himself in harms way in an attempt to kill an endangered animal. He was attacked and eaten. I have absolutely no feeling about that whatsoever except a sense of gratification no lions were killed. We’re part of an ecosystem and don’t always come out of every encounter with a wild animal. Conjecture about his personal circumstances is pointless. If he killed the lion would anyone have thought if there cubs left behind ? Not a chance. Horrible way to go but easy to avoid. Don’t illegally hunt lions!
Hang on folks….suspected poacher! Not definite, to say the person deserved it is a bit strong. I in no way agree with poaching but remember some bit not all are driven into poaching to earn money to feed families.
The real enemy is the person at the end who buys and creates demand.
I am not happy a man died but won’t cry for him . When it comes to survival it was either him or lions..which have family and feelings too . Guy think they are powerful with guns and for once lions were able to win. Nobody forces him to go on a hunt and illegally. Can’t understand that mankind find pleasant To kill animals sorry but this is the dark side of mankind
We don’t have any big game poachers here in Ireland, but we do have some prominent poachers who go after small game…including guys who capture animals and feed them live to dogs in training sessions in our wonderful greyhound industry. One of them trained a greyhound that scooped a prize in the so-called National Hare Coursing “festival” earlier this week.
The same gentleman was filmed back in 1994 in one of his “training” sessions”:
Poachers in SA are normally very poor and from countries like Mozambique. They have absolutely nothing. I’m glad he didn’t succeed in poaching but I’m not happy he was killed like some on here. It’s never simple. Life has grey areas. The big issue is the demand for poached animal products.
Good that poacher gets eaten! And also good it seems that it was a game reserve and more than likely rich people pay to shoot these animals! Which is ok! Bonkers
@Gerard Burke: clearly you have not the slightest idea about what you are talking about.lions are essential to the environment ecosystem humans lives in. Lions not only preserve a balance of flora and fauna but also spare humans from having animals eating their crops.
This is most perfect Journal.ie story ever, the editor literally wet herself when she saw this article in her inbox. You are being trolled people, it’s mostly fake news.
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