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On the 26th of February 1995 Eddie George, governor of the Bank of England stunned the corporate financial world when he announced that Barings PLC, Britain's oldest and most respected merchant bank was bankrupt. Barings' collapse on February 26, 1995 was brought by the activities of just one rogue trader, Nick Leeson, who lost $1.4 billion by speculating on the Singapore International Monetary Exchange using futures contracts. If anything, till the very collapse of the bank, Leeson was viewed as a celebrity, a star trader who was not to be interfered with. Read more