The 2-Faced Mystery
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The whole 'Nick Leeson' saga has interested many, for sometime. This book seems at some points impartial, and others very bias-particularly towards those that were seen initially as victims, those that could 'do nothing about the situation' and 'those that did not know what he was doing'. Id say this book is a must, but a read of the original, 'Rogue Trader' by the man himself is important.
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Worth a read for anyone interested in the Barings collapse
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Well researched and very thorough. Not a minute by minute cliffhanger, and quite turgid going for most of its length; this is a text book more than a novel.
Nick Leeson forms a very much reduced element in the picture they paint of incompetence and ineffectual management control of Barings.
The authors don't disguse their distrust (maybe even distaste) for him, though the accounts are by no means diametrically opposed. They provide a very well explained model of what Leeson was doing and the influence it had on the markets. My impression is that Leeson naively thought he was being clever, and just didn't realise what he was really doing was subsidising clients at the banks expense.
Much of the book is history lessons in what Barings is and where it came from. This gives a wonderful context to then explain how it was structured in the way it was.
Lengthy and detailed Bios of all the main characters, and the infighting and politics that had continued throughout the eighties give one the impression Barings was a disaster waiting to happen.
The missing element is a proper explanation of why and how all the others complicit in the fraud and deception leading upto the downfall, seemed to escape proper scrutiny and punishment.
Still, highly recommended.
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A fantastically researched book
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Having read 'Rogue Trader' I was already well informed of the various issues concerning the collapse of Barings. This book provided me with a completely different view on the events that lead to Barings demise. This book also provides you with a detailed insight into the creation of Baring Securities which is equally compelling. After reading Rogue Trader I felt almost sorry for Leeson, especially as I have personally lost money trading securities and derivatives. However 'All that Glitters' exposes almost exactly what he did and I now have a much more balanced opinion on the whole situation. A fantastic read, superbly researched and written. Congratulations!!
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A Fascinating event .
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Like most other readers of "Rogue Trader" I rather sympathised with Nick Leeson and saw him more of a victim of circumstance than a real criminal, an honest Joe who got way out of depths, however, after reading this book I see that he merely took advantage of very hazy reporting lines to try and forward is position and stature within Barings and SIMEX. The first chapters that deal with the gradual uncovering of increasingly unbelievable losses and the attempted rescue are high drama. The end chapters that reach an incredible finale just as Leeson's losses are about to be discovered and rumours abound that Barings is about to fold are fascinating , the telephone transcripts of conversations between the main players as the scale of Leesons positions starts to put enormous pressue on the funding sections defy belief. A fantastic read, a fascinating subject.
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Superbly researched account of Leeson's impact upon the City
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Having read Leeson's(and Rawnsley's)version of Baring's collapse,this book provides a refreshing scrutiny of events.Initially however,it disappoints because the style is more narrative than "human", unlike Leeson's own emotive recollections, but as the integral foundation laying develops, Gapper & Denton create a masterful account of actions and circumstances.For example, the report of The Bank of England's gathering of the City's pre-eminent Bankers to advise them of Baring's troubles and the attempted rescue plans are high drama, almost Shakespearean in plot.It is clear that the Authors' do not hold Leeson in any high esteem, although it is very apparent that Leeson was a hugely respected (and liked)figure within the Baring Group before any fraud began.Where this book fails, if anywhere, is perhaps the absence of a vivid minute by minute "human pressure cooker" effect that was so riveting to read in Leeson's own rendition, particularly when he knew that his time was up and a hasty exit with Lisa needed to be made.Personally,I find both Leeson and what he did absolutely fascinating....
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