thehog
BANNED
gillan1969 said:while we are on banking...nick leeson managed to seriously improve his performance whilst management in effect turned a blind eye whilst the illusory profits rolled in..
now Barings may have been a stuffy organisation and not used to the new reality in banking but Brailsford has been round the block...
That’s a good analogy, Leeson was making 10% of Bearings profits all on his own so he was the 90s banking world version of Froome, Leeson also practically came from nowhere! That was until they discovered Leeson had managed to rack up a secret debt of £900m, which was a lot back in 1995.
What was most interesting was there was a public inquiry into the collapse of Bearing by the UK Government and Bank of England. Of course the report made several recommendations up which is most funny as the freewheeling banking days and crazy credit loaning was just about to begin all the way through to 2008 collapse. Which just goes to show that a government inquiry generally leads to not much at all in the UK. Several parallels to be drawn from that to present day with UKAD et al.