The man who broke Britain!

[clubsport]

Currently on BBC2...is anyone watching this?...my god..
I thought this may be a bit of fun, but apart from using the jargon, what a sensationalist programme.

So the oil price goes up......ok...stocks get killed,..buy volatility as a hedge,,,,if oil is up ..stocks are hurt..fixed income is on f##king fire and Vol is through the roof......this would be a great opportunity.

I met Nick Leeson at the Barings Xmas bash, dec '94 quiet as a mouse we killed him in drinking games, before he imploded in Feb '95......most of us found out something was in the air on the friday...Bank of England met with senior UK bankers on saturday....markets went higher, as Tokyo opened sunday evening.......the actors in this seem lame...the city really does tend to get a sniff of problems as they unfold and momentum traders get the chance to join the party,,way before Government statements come out.......sorry it is a TV programme and appears scary...I hope I didn't shatter any illusions.

>>> Edited by clubsport on Thursday 9th December 21:49

[Zorro]

I've just finished reading Rogue Trader again, the story fascinates me. Is he telling the truth when he says he created the 5 8s account to cover mistakes made by his team or was he using it from the kickoff to speculate ?

[FourWheelDrift]

Typical BBC sensationalism and scaremongering.

[matt_t16]

What a load of

Good telly though - but they really should warn the numpties this is fiction and not at all a factualy correcty documentary on what 'could' happen.

Matt

[FourWheelDrift]

matt_t16 said:

but they really should warn the numpties this is fiction and not at all a factualy correcty documentary on what 'could' happen. Matt

Designed to be broadcast in the 9pm (serious TV time slot) on BBC2 and to also catch the 10:30pm Newsnight types who'll turn over early.

[clubsport]

Zorro said:

I've just finished reading Rogue Trader again, the story fascinates me. Is he telling the truth when he says he created the 5 8s account to cover mistakes made by his team or was he using it from the kickoff to speculate ?

I believe the latter.....I was working at the US bank that let Ron Baker & Mary Waltz go......because they were not quite up to the standard required (over polite).....if you have read the book, they were Mr Leasons immediate bosses.......we never gave them responsibility over ordering lunch

[simpo two]

Tragic really that a few bits of panic can the world: it's mostly needless.

[clubsport]

In the real world I would be suprised if these events would have occurred,,,,for a start,,,the US has substantial oil reserves...these would be used to quell the oil price...opec would pump like crazy...and if the worst were to happen...central banks would cut interest rates to ensure the global economy was assisted by cheap money....from sept 01 us rates were cut from 3.5% to 1% in june 2003 to keep the world afloat.........if this programme were real and these events were to unfold,,the opportunities that appear to exist would mean that many of us would never have to work again and also that the british grand prix would definitely go ahead on our own private circuit

>> Edited by clubsport on Thursday 9th December 22:18

[Zod]

clubsport said:

most of us found out something was in the air on the friday...Bank of England met with senior UK bankers on saturday....markets went higher, as Tokyo opened sunday evening.......the actors in this seem lame...the city really does tend to get a sniff of problems as they unfold and momentum traders get the chance to join the party,,way before Government statements come out.......sorry it is a TV programme and appears scary...I hope I didn't shatter any illusions.

Yup. I was a junior lawyer at the time and I got a call at 8 on Saturday morning to put me on standby. I reckon the whole City knew by early Saturday morning.

[Nevin]

Bet Credit Suisse will be really happy about the "made up" bank name they are using

[off_again]

FourWheelDrift said:

Typical BBC sensationalism and scaremongering.

Straight and to the point as usual - but absolutely correct. Sensationalism in the extreme. And we pay our license (nee tax) fee for this drivel.... nice....