An important task in brokerage business, particularly in the settlement side, is uncovering and dealing with trading errors, which occur when the trading staff misread or mishear an instruction or a broker misunderstands a hand signal. When errors occur, brokerages book the losses or gains into a computer account called an "error account". For Mr. Leeson, errors recorded were sent to the home office in London and deducted against Mr. Leeson's branch earnings. | Lecture # 14 The Bank of England attempted a weekend bailout but it was unsuccessful. Barings was declared insolvent 26 February 1995. The collapse was dramatic and employees around the world were denied their bonuses. Aftermath ING, a Dutch bank, purchased Barings Bank for the nominal sum of £1 and assumed all of Barings liabilities. Barings Bank therefore no longer has a separate corporate existence, although the Barings name still lived on as Baring Asset Management. BAM was split and sold by ING to Mass Mutual and Northern Trust in March 2005. Nick Leeson fled Singapore but was arrested in Germany and extradited back to Singapore, where he was convicted of fraud and imprisoned for six years. Upon release, he wrote an autobiography, Rogue Trader, covering the events leading up to the collapse. A film maker later dramatized the book in the film Rogue Trader. Source: | Lecture # 14 The Bank of England attempted a weekend bailout but it was unsuccessful. Barings was declared insolvent 26 February 1995. The collapse was dramatic and employees around the world were denied their bonuses. Aftermath ING, a Dutch bank, purchased Barings Bank for the nominal sum of £1 and assumed all of Barings liabilities. Barings Bank therefore no longer has a separate corporate existence, although the Barings name still lived on as Baring Asset Management. BAM was split and sold by ING to Mass Mutual and Northern Trust in March 2005. Nick Leeson fled Singapore but was arrested in Germany and extradited back to Singapore, where he was convicted of fraud and imprisoned for six years. Upon release, he wrote an autobiography, Rogue Trader, covering the events leading up to the collapse. A film maker later dramatized the book in the film Rogue Trader. . | Lecture # 14 The Bank of England attempted a weekend bailout but it was unsuccessful. Barings was declared insolvent 26 February 1995. The collapse was dramatic and employees around the world were denied their bonuses. Aftermath ING, a Dutch bank, purchased Barings Bank for the nominal sum of £1 and assumed all of Barings liabilities. Barings Bank therefore no longer has a separate corporate existence, although the Barings name still lived on as Baring Asset Management. BAM was split and sold by ING to Mass Mutual and Northern Trust in March 2005. Nick Leeson fled Singapore but was arrested in Germany and extradited back to Singapore, where he was convicted of fraud and imprisoned for six years. Upon release, he wrote an autobiography, Rogue Trader, covering the events leading up to the collapse. A film maker later dramatized the book in the film Rogue Trader. .
