Ten Years After Barings - Where Are They Now ?

It is coming up to the 10th anniversary of when Nick Leeson bust the bank that was Barings. The Observer has had a quick look at what happened to the few who enjoyed their 15 minutes of fame as a result of the scandal.

Nick himself, of course, is now living, with his second wife, in Ireland. Having recovered from colon cancer, he is a regular on the after-dinner circuit and is often quoted in the media, issuing dire warnings that a debacle similar to Barings may well happen again. There have, of course, already been a few close calls.

Peter Baring, the chairman of the bank which bore his family name for two centuries, is said to have famously commented in 1993 to Brian Quinn, a Director at the Bank of England, that 'the recovery in profitability has been amazing following the reorganisation, leaving Barings to conclude that it was not actually terribly difficult to make money in the securities markets'. Well, Peter himself probably didn't make too much more money out of the securities markets after the collapse of his bank. According to The Observer, the former chairman 'retreated to his Wiltshire estate, where he lives in quiet retirement'.

Then there's Peter Norris. Norris, the former CEO of Barings Investment Bank, bounced back. He has continued his successful business career, at one-time working with Brown Enterprises, publishers of Viz magazine and has been involved with private equity firm Boathouse Capital. Norris is also said to be an adviser to Richard Branson and his Virgin group.

Andrew Tuckey is also a surviver. The former group deputy chairman returned to the world of corporate finance and has acted as adviser or consultant to a number of blue-chip institutions.
Most of the other folks mentioned in Leeson's book 'Rogue Trader', or who featured in the film of the same name, have faded away into relative obscurity. Happy Anniversary, Nick.

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