Nick Leeson, the original rogue trader whose actions led to the collapse of the venerable Barings Bank and to a six-year prison sentence, yesterday warned that the culture of the City has spun out of control.
With banks reeling from numerous scandals and the London financial district under intense pressure to reform itself, Mr Leeson said that unless punishments are increased traders will continue to run amok.
“Rogue trading is on the increase. The latest scandals are just a sign that the culture is running riot without any checks in place.
“Every day you wake up and see something different,” he told The Independent. (more…)