Leeson quickly acquired a reputation as a hotshot trader. Even during his
first few months at Singapore, he made profits for the bank. Asian stocks
and currencies were in fashion, and they rose. In violation of Barings’ internal
rules, Leeson traded using leverage,10 and he rode Asia’s rising wave of
stock market appreciation. Success gave Leeson credibility with his managers
and colleagues, and so his trades were not scrutinized the way they
should have been.