The trader appeared to have the knack earning a bonus of pounds 130000
The trader appeared to have the knack, earning a bonus of pounds 130,000 on his salary of pounds 50,000. According to his superiors’ calculations, Leeson had earned them pounds 10m. In fact, by his own calculations, he was already nursing a loss of pounds 23m in a secret account, known as 88888.As Leeson later wrote: “I was probably the only person in the world to be able to operate on both sides of the balance sheet. It became an addiction.”His addictive behaviour was allowed to continue unchecked by Leeson’s superiors, who by late 1994 were regarding him as a star dealer. By then the losses stashed away in account 88888 stood at pounds 208m.Despite this, Leeson requested and obtained increasing funding to continue his trading activities, as he attempted to extricate himself from the financial mess by more and more frenetic double-or-quit deals. Alarmed, his bosses carried out a spot audit in February 1995 and discovered they were nursing losses to the tune of more than pounds 800m, almost the entire assets of the bank.Barings crashed and was bought for just pounds 1, by the Dutch insurer ING.
Dozens of Barings executives who were implicated in the failure to control Leeson resigned or were sacked.Leeson was given a six-year jail sentence in Singapore. Recently, it was revealed he was suffering from cancer of the bowel. Despite his criminal activities, there will be many in the UK wishing him a speedy recovery, not least because it can truly be said of him: he is the one who broke the bank.. Former Hong Kong stockbroker Leonie Lee-Whittle, 28, is the proprietor of Snap Dragon, a London shop that imports a range of stunning Chinese furniture and objets.
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Leonie was inspired to give up her stockbroking job when she bought a very beautiful 18th-century Chinese wedding cabinet for pounds 2,000 in 1990. HUNDREDS OF thousands of people will happily stash vast sums each month into savings plans – though they owe a small fortune on their credit cards. Prestige and Performance Cars Limited believe they have the cheapest right-hand drive example in the country At pounds 36,995 it is cheap at the price Call 01895 255222.. Two staircases lead to the first floor bedrooms, which all have sloping ceilings. If you need company, there’s a village pub, the White Hart, in Wimbish. Offers of pounds 250,000 to Trembath Welch (01371 872117).Rosalind Russell. WHICH CAR symbolised the mad, bad Eighties? Was it the yuppie wagon BMW 3-series, or maybe the sloaney Golf GTI? Neither.
If any vehicle symbolised the flash, look-at-me era, it was the Lamborghini Countach, conspicuous consumption on alloy wheels. Guaranteed to be the centre of attention when the driver’s door pivoted upwards, passers-by couldn’t miss the 747-sized rear wing either. On the move, it was just as imposing with a massive five-litre V12 engine powering this supercar to speeds approaching 180mph. No wonder people were paying pounds 190,000 for them in 1989 Most still want pounds 90,000 today. The four-bedroom cottage is in need of improvement, but has a dining-room, sitting-room with inglenook fireplace and bread oven.
It has long river frontage, and the owner has a licence from the Duchy of Cornwall to fish. It is surrounded by moorland that is inaccessible to the public Its kitchen has terracotta floor, granite fireplace and Aga. The double reception room has exposed beams and two granite fireplaces. Outside are two loose boxes, a stable block and walled garden. Offers over pounds 120,000 to Mansbridge & Balment (01822 855055).
FAR REMOVED from people and traffic is Ellis Green Cottage, reached via a small, unmarked road and then a track, eight miles from Audley End station in Essex. The Grade II-listed thatched cottage stands in just under two acres, with garden, paddock and a modern, weather-boarded studio/garage. The three-bedroom house has been lived in as two properties, so at the moment it has two kitchens; but, subject to planning permission, there’s room for extension or rebuilding.