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Barings Bank - Definition and Overview |
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Barings Bank, previously known as Baring Brothers & Co., is the oldest merchant banking company in England, having been founded in 1762.
Barings collapsed on February 26, 1995, due to the activities of one trader, Nick Leeson, who lost $1.4 billion by gambling on the SIMEX with primarily derivative securities. This was the second time Barings had faced bankruptcy, the first being in 1890 when a significant amount of investment was lost in South America following the Argentinan revolution. However, at that time, they had been bailed out by the Bank of England and other London banks.
Barings was purchased by the Dutch bank/insurance company ING after its collapse (for the nominal sum of £1) and no longer has a separate corporate existence. Its name lives on in Baring Asset Management.
Nick Leeson's autobiography of the event leading up to the collapse were dramatized in the movie Rogue Trader.
External links
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Example Usage of Barings |
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GregClarkSYO: Sad to hear that Fred Joseph passed away. Fortunate to meet him while I was at ING Barings. Quite a gentleman. ( http://bit.ly/4xqJFt ) |
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KensMommy07: My truck is brand new! New shocks, hub Barings, 4 new tires and a new windshield. Talk about pimp my ride! |
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itsWatty: @nickjfrost RT I know people rob banks but has anyone ever sexually assaulted a bank? << Nick Leeson f*cked Barings good and proper :) |
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