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Ambitious, wide-boy Nick Leeson is determined to rise in the world and be more than a simple bank clerk. When his employers, Barings Bank, offer him the opportunity to go to Jakarta to sort out a problem that nobody else wants, he seizes the opportunity with both hands. In Jakarta he meets and marries Lisa and together they go to Singapore when the bank offers him the job of setting up their future options trading operation. To save money the bank allows Nick to operate both the floor trading and the back office facilities and force him to employ cheap, unskilled staff. His first year of trading is a big success and he makes large profits for the bank even though he has illegally broken trading rules and secretly covered up losses. Given more freedom, even more money and continuing unchecked, Nick starts to make losses and again attempts to trade out of them but this time he comes unstuck as his illegal trading generates even bigger losses. After the death of his unborn child Nick ... Written by
Mark Smith <email@example.com>
When Nick faxes the forged documents to the auditor, the header on the fax is dated February 5, 1995. A few days later, a devastating earthquake rocks Kobe, Japan. The Kobe earthquake actually happened a few weeks earlier, on 17 January 1995. See more »
[At dinner with the Barings executives]
You're down for 450, aren't you? Your bonus? Only a week to go.
Have you thought about what you're going to do with it? Only a week to go.
[Nick taps his glass and stands up]
Excuse me, I have an announcement to make. I know that some of you are worried about our exposure in the market and you're probably wondering about the identity of our mystery customer X. Well, the fact is he doesn't exist. We are the customer, Barings. And if you look properly ...
[...] See more »
Pulling non-existent rabbits out of imaginary hats
A cunning scoundrel in exotic Singapore single-handedly brings down Barings Bank, established two centuries ago and one of England's foremost financial institutions. Another wildly improbable sting flick? Not at all - the story is based on actual events and the film sticks pretty close to the facts. Nick Leeson, brilliant and ambitious young trader, superstar of the Singapore stock market, incurs staggering losses. Unwilling to jeopardize his prospects for advancement, he tries to cover his tracks by pulling non-existent rabbits out of imaginary hats. The literally gut-wrenching stress of this Sisyphusian endeavor is illustrated by Leeson's frequent bouts of vomiting (while in prison, he underwent surgery to remove a tumor along with part of his colon and large intestine, and chemotherapy after being released). The film's flaw is that it glosses over the bank's role in the disaster. Barings turned a neophyte loose in an foreign arena with total control of the operation and minimal supervision. Putting the same individual in charge of both the front office and back office bypasses the appropriate checks and balances, and is tantamount to having the fox guard the hen-house. The official report of the Bank of England concluded that Barings' failure to segregate Leeson's duties was "reprehensible," and those with "direct executive responsibility for establishing effective controls must bear much of the blame." Yet little mention is made of this in the film. And the mechanizations of the stock market are downright incomprehensible at times. Nevertheless, this is an interesting story and Ewan McGregor turns in another outstanding performance.
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