With the error account, he secretly sell options and took positions on SIMEX on both futures and options contracts.
People in London thought he was a smart trader who created half of Barings Singapore’s 1993 profits and half of the entire Barings’ 1994 profits.
But in fact, in 1994 alone, Leeson lost Barings $296 million while his boss in London thought he made them $46 million, so Leeson was offered a bonus of $720,000.
As a matter of fact, Leeson lost money for Barings almost from day one.
With the error account, he secretly sell options and took positions on SIMEX on both futures and options contracts.People in London thought he was a smart trader who created half of Barings Singapore’s 1993 profits and half of the entire Barings’ 1994 profits. But in fact, in 1994 alone, Leeson lost Barings $296 million while his boss in London thought he made them $46 million, so Leeson was offered a bonus of $720,000. As a matter of fact, Leeson lost money for Barings almost from day one.
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