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Rogue Trader 4 5 by Nick Leeson 6 Penguin Readers Factsheets l e v e l E T e a c h e r’s n o t e s 1 2 3 Rogue Trader 4 5 by Nick Leeson 6 PRE- S U M M A R Y INTERMEDIATE ogue Trader, published in 1997, is the autobiographical plasterer. In 1985 he started working for Coutts Bank, but moved R account of Nick Leeson’s career from humble beginnings to the City of London to work for Morgan Stanley, a successful to his high-powered position as an investment officer for American Bank, in 1987. It was here that he learnt about the Barings Bank, a well-respected and long-established London bank financial markets and particularly about futures. Like many young which, among other claims to fame, had members of the British men of his age in the 1980s, Leeson worked long hours in the city Royal Family as customers. and earned a lot of money. In 1989 he had the chance to become Working in Singapore, Leeson rose to prominence in the early a trader and left Morgan Stanley for Barings Bank. In the late 1980s 1990s, making huge amounts of money for his bank on the Far and early 1990s he was sent to work in Indonesia where he met East money markets. But investing in these markets was a risky Lisa, who he married in 1991. Later that year the couple started business and Leeson started losing money. He hid these losses in their new life in Singapore. a special account while at the same time demanding more money Leeson wrote Rogue Trader while in prison and it was published from Barings in London to support his continuing activities. He by Warner UK in 1997. In 1998 it was made into a film starring used the extra money to try to recover losses he had already made. Ewan McGregor as Leeson and Anna Friel as Lisa. The film L e e s o n ’s wife, Lisa, knew nothing of his problems and like received mixed reviews. Peter Bradshaw, in the G u a rd i a n, everyone else saw Nick as a highly successful investment banker. described the film as the story of the untragic and uninteresting But all the time he was covering up greater and greater losses. downfall of Barings Bank. ...The problem is Nick isn’t all that Eventually the situation got out of control and senior Barings’ staff interesting: there are no sexual shenanigans, as Nick is sweetly started an investigation. devoted to his lady wife, Lisa, and no real money excitement, as In February 1995, Leeson, realizing the truth was about to be Nick is making nothing for himself.’ discovered, left Singapore with his wife for a holiday in Malaysia. On 27th February Barings Bank announced that it was bankrupt, having suffered losses of £600 million, and the worldwide search BACKGROUND AND THEMES for Nick Leeson began. Attempting to get back to Britain, the couple were stopped and The disappearance of Nick Leeson, followed by the fall of Barings Leeson was arrested. Attempts were made to extradite him to Bank held the attention of the world’s media and the general public Singapore, but Leeson argued that as Barings was a British bank, for a few months in 1995. What was most shocking, however, was he should be tried by a British court. After several months in a not what Leeson had done – that was almost expected – but the German prison Leeson was sent back to Singapore where he faced fact that he had brought down one of the oldest, most well- charges of forgery and cheating and was sentenced to six and a respected financial institutions in Britain: the bank used by the half years in prison. Queen and members of her family. In July 1999, after serving 3 years of his sentence, Leeson was To some British people the story epitomized everything that was released from prison and returned to London, suffering from wrong with Margaret Thatcher’s Conservative Britain. The 1980s cancer. His wife, Lisa, shocked by some of the things she read in and early 1990s was a period when the ‘free market’ ruled – when his autobiography, had divorced him. money was everything. It was the age of the yuppie. Arriving at Heathrow Airport after his release from prison, he said Leeson himself was a symbol of the times. Going straight from he regretted what he had done. ‘I’m not proud of my activities as a school into a high-powered banking job, working long hours, trader with Barings Bank in Singapore. I was foolish and very much becoming very wealthy very young, he was a top star on the regret what happened. I have done my time. I have taken my world’s economic stage. The cover-up to hide his incompetence punishment and now I want to get on with the job of rebuilding my symbolized the corruption at the heart of the system and Leeson’s life.’ superiors at Barings Bank represented everything that was wrong Ill and unemployed, Leeson must now account for every penny with the senior managers of British companies; they were he spends. At the request of the liquidators of Barings Bank, the complacent, incompetent and more interested in sport than British High Court froze his assets. He can spend up to $7,900 a running an efficient modern business. month for living costs, legal fees and health care, but he must The story of Nick Leeson can be seen as the rise to fame and provide details of where his money comes from and how it is being fortune of a working-class hero who fell from grace because of spent. He has also been prevented from making a profit from the ambition and greed and finally ended up back in the gutter, poorer sale of his story. but wiser. But actually Rogue Trader tells us little about the Since his release there have been rumours that Leeson has $3 personalities of Nick Leeson or his friends and colleagues. It is a million in a secret bank account. story dominated by the intricacies of the financial markets and the technicalities of the cover-up operation. Cynical readers may even see the book and film as a further ABOUT NICK LEESON, THE BOOK AND THE FILM attempt by a corrupt capitalist to make more dishonest money from crime. Nick Leeson was born in North London in 1967, the son of a © Pearson Education 2001 l e v e l Penguin Readers Factsheets 3 T e a c h e r’s n o t e s • Do you think anyone is worth that much money? Communicative activities •Would you work as a trader if you could earn as much as this? The following teacher-led activities cover the same sections (b) Imagine a continuation of the conversation between Nick of text as the exercises at the back of the Reader, and and Lisa on page 45 which started like this: supplement those exercises. For supplementary exercises Lisa Is this you? covering shorter sections of the book see the photocopiable Nick Yes, I wanted to tell you. I lost money, a lot of Student’s Activities pages of this Factsheet. These are money. But I didn’t know that things were as bad primarily for use with class readers but, with the exception of as this. discussion and pair/groupwork questions, can also be used Lisa I thought you were very successful. How did you by students working alone in a self-access centre. lose the money? ACTIVITIES BEFORE READING THE BOOK (c) Imagine the letter Nick Leeson wrote to the newspapers (p.51). Why did he think he should go to prison in Britain 1 Ask students to look at the cover of the book and discuss not Singapore? these questions in pairs or groups. They should try to (d) Why do you think Lisa left Nick? What did she read in his give evidence for their answers. book, Rogue Trader? (a) What kind of job does this man have? • Is it easy or stressful? ACTIVITIES AFTER READING THE BOOK • Is it a well-paid job? (b) What kind of life do you think he lives? (a) Rogue Trader Trivia (c) What kind of a person do you think he is? Students work in pairs or small groups. Give each group a copy of this quiz and set a time limit (3 minutes) for 2 Students read the Introduction on page v of the book to them to answer the questions without looking at the find out if any of their answers to questions 1a–c are book, and then give then 3 minutes more with the book answered. to refer to. 3 In groups, students work through the Business Wordlist, Rogue Trader Trivia talking about any personal connections. Examples: • Does anyone know an accountant or a consultant? 1 When was Nick Leeson’s birthday? What kind of person is he/she? Does he/she enjoy 2 Where did he go for a holiday when he left Singapore their job? in February 1995. • Has anyone in the group any experience of working 3 What do the letters SIMEX mean? for a big corporation? What are the pros and cons of 4 What was the number of the account where Leeson big corporations as employers? hid his mistakes? • Has anyone in the group ever been sacked or sacked 5 Where did Leeson live when he first worked in another person? Exchange experiences. London? 6 What was the name of the second bank he worked ACTIVITIES AFTER READING A SECTION for in London? 7 When did Barings Bank start? Chapters 1–2 8 What was Lisa’s second name before she married Nick? Put students into pairs and ask them to discuss these 9 Where was Nick Lesson arrested? questions.
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