Young traders chase riches amid high stakes risk and collapse
Global traders, led by ambitious twenty-somethings, chase enormous profits yet face fierce pressure and temptations to fake results. Nick Leeson, a 28-year-old Barings trader in Singapore, gambled billions as Nikkei hovered near 19,000, and losses surged to about $1 billion, bringing Barings down and turning Leeson into a fugitive. colleague Mike Kokalari recalls Leeson as a capable trader.
MENTIONED IN THIS ARTICLE
Tokyo
Park Hyun-wook
Seoul
Corgo Securities Corp
Nick Leeson
London
Leeson
Singapore
Barings Investment Bank
Barings
Watford
Philippines Stock Exchange
Manila
Philippines
England
Baring Brothers Merchant Bank
Banker Leeson’s Downfall Sparks Market Speculation
Kokalari likened the insider to a nerdy movie figure who hides a crime as investors debate Leeson’s fate. Analysts suggest he may have taken risky bets to cover troubles, with Bank of England Governor Eddie George noting possible improper business after markets closed.
MENTIONED IN THIS ARTICLE
Kokalari
Leeson
Bank of England
Eddie George
London
Young traders dominate fast money world in Barings aftermath
The piece portrays Nick Leeson and a youth driven trading culture focused on derivatives. It cites bonus driven payoffs, intense focus needs, high stress, social withdrawal risks, and the Barings scandal prompting tighter controls. Senior managers worry about short term pressures and the danger of loose risk practices.
MENTIONED IN THIS ARTICLE
Nick Leeson
Leeson
Singapore
Suh Seung-chul
Hanshin Securities
South Korea
Hong Kong
U.S
Asia
William Purves
Hongkong and Shanghai Banking Corp
Kokalari
Food stamp fraud-fighting plan proposed by Agriculture Dept
The Agriculture Department proposed tightening store qualifications and monitoring to curb more than 1 billion dollars in annual losses from illegal food stamp trafficking. The plan targets grocers, seeks easier penalties for cheating, and comes as Congress debates moves like folding food stamps into a block grant under the Contract With America. Ellen Haas said the administration will work with Congress, though no sponsor is yet found.
MENTIONED IN THIS ARTICLE
Washington
Agriculture Department
Congress
House
GOP
America
Ellen Haas
Department
Court eases rule on mistaken arrests in drug case
The Supreme Court split 7 to 2 allowing evidence seized after an arrest based on a computer error to be used. Arizona prosecutors may introduce marijuana found in Isaac Evans's car following an arrest built on a wrongly listed warrant that had been dropped 17 days earlier.
MENTIONED IN THIS ARTICLE
Washington
Supreme Court
Arizona
Isaac Evans
Phoenix
Evans
National World News Update Line
National and world news updates provided by J W Access with phone options 865 5000. Users can dial 6705 for nationwide items and 6700 for international coverage.
MENTIONED IN THIS ARTICLE
Access Roap
Journal-World Access
Lawrence area forecast shows cold, snow flurries today
Lawrence region weather summary notes high today near 25 with snow flurries and a cold night. It projects a mostly cloudy pattern through Thursday with a 60 percent chance of snow, then rain or snow into Friday and cooler highs in the 30s to mid 40s by the weekend.
MENTIONED IN THIS ARTICLE
Lawrence
Davis Alley Paving Battle Over 1910 Lateral
In Davis California residents press to repave a one block alley dating to 1910 but Councilwoman Julie Partansky invokes the California Environmental Quality Act to block work. Neighbors value the alley’s ambience while the Historical Resources Commission recommends an archaeologist survey and notes paving would likely be mitigation.
MENTIONED IN THIS ARTICLE
Davis
Calif
Historical Commission
Julie Partansky
Rick Hoffmann
Hoffmann
Partansky
Sacramento
Fred Millford
Historical Resources Management Commission
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