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BUSINESS
February 20, 1990 | From Times Wire Services
Shearson Lehman Hutton Inc. said Monday that it would take over 25,000 brokerage accounts with more than $4 billion in assets from Drexel Burnham Lambert, the investment firm in bankruptcy protection and now liquidating itself. Under the agreement, Shearson will pay nothing for the accounts. Drexel will pay Shearson $10 million to cover the costs of transferring the accounts and any unforeseen liabilities, according to a source familiar with the deal.
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BUSINESS
December 2, 1995 | From Bloomberg Business News
A court sentenced Nick Leeson today to 6 1/2 years in prison for illegally covering up his futures trading losses that grew to $1.4 billion and sank Barings. Senior District Judge Richard Magnus said the 28-year-old Briton "spun a web of deceit" that was "deliberately designed to beguile" the Singapore International Monetary Exchange where he traded, and the auditors of Baring Futures, his employer.
BUSINESS
March 22, 1995 | From Reuters
Futures market regulators, reeling from the shocking collapse of the British bank Barings PLC, are seeking more international cooperation among themselves as a way of preventing another such disaster from derivatives trading. "Frankly, the Barings crisis underscores the vital need for globally effective mechanisms," U.S. Commodity Futures Trading Commission Chairwoman Mary Schapiro told industry executives and regulators from around the world last week.
BUSINESS
March 2, 1995 | CHARLES P. WALLACE, TIMES STAFF WRITER
For a market where billions of dollars pour down the information superhighway daily, the Singapore International Monetary Exchange, or Simex, keeps a decidedly low profile. The entrance to the exchange is nearly concealed behind a pile of stuffed panda dolls on sale outside a discount pharmacy. Inside, the third-floor trading room is a picture of pandemonium to the untrained eye.
NEWS
March 5, 1995 | CHARLES P. WALLACE, TIMES STAFF WRITER
While a lone trader has been widely accused of bankrupting Britain's Barings Bank with rogue investments, exchange officials said Saturday that senior bank executives in London had long been aware of the risks, had approved at least some transactions and even sent out nearly $1 billion to help pay for them. "It appears the corporate group took a bet on the market and lost a lot of money," said K.
BUSINESS
October 30, 1995 | JOHN-THOR DAHLBURG, TIMES STAFF WRITER
The ignominious February collapse of Britain's oldest merchant bank was the stuff of gripping drama, its disappearance seemingly attributed to the hubris and blunders of a single ambitious young man operating from offices on this booming island nation. Not surprisingly, someone has concluded it would make a fine movie.
NEWS
December 3, 1995 | STEVE RAYMER, NATIONAL GEOGRAPHIC
Just the name "Singapore" once evoked images of a steamy, malaria-infested port filled with opium dens, bawdyhouses and starchy British colonials sipping gin and tonic in the shade of the Cricket Club. Today, this pristine city-state of antiseptic high-rises, marble shopping malls and hard-driving executives is widely known for its tough laws and even harsher punishments.
NEWS
March 9, 1995 | MARJORIE MILLER, TIMES STAFF WRITER
There was poetic symmetry in a move by Parliament to outlaw the English gentleman's sport of fox hunting last week just as authorities hunted down the fugitive who reputedly outfoxed the ultimate English gentleman's bank. These otherwise unrelated events provided a sterling reminder of how, despite the leveling effects of two world wars, the issue of class still thoroughly permeates British life, from country sports to the City--London's equivalent of Wall Street.
ENTERTAINMENT
February 22, 1998 | David Gritten, David Gritten, based in England, is a regular contributor to Calendar
Nick Leeson, one feels, would relish the scene. It's a busy trading floor, strewn with a thousand discarded trading slips. In the pit, surrounded by banks of computer screens, crowds of young Asian dealers in garish striped jackets make hurried notes, wave and scream: "Sells nine-fifty bid for 500! Sell!" The noise deafens. High around the room, stock figures fluctuate on TV monitors. A big board shows the Nikkei index--18,370 and rising. The din intensifies.
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