Barings Bank, which had survived the Napoleonic Wars and financed the Louisiana Purchase, was declared insolvent and sold to the Dutch bank ING for the symbolic price of . The Aftermath
On February 23, 1995, Leeson left a note on his desk saying and fled the country. He left behind a $1.4 billion loss —more than double the bank's entire available capital.
By 1995, Leeson’s secret losses were staggering. He placed a massive bet on the index, wagering that the Japanese market would remain stable overnight.
The true story of is a masterclass in how a "can-do" attitude can accidentally demolish a 233-year-old institution.
In the early '90s, Barings Bank—the oldest merchant bank in London—sent their rising star, Nick Leeson, to Singapore. His job was to head the futures floor at SIMEX. He was charismatic, aggressive, and quickly became the bank’s golden boy, reportedly accounting for 10% of Barings' total profits at one point. The "Error Account"