what is barings bank? | Forex Trading and Money Exchange

what is barings bank?
Posted 11 March, 2009 by Toby Dalton Bird from Sorsogon in Philippines
Sage, thank you, Sage for a most informative site. Though i trade forex as an institutional trader, but i have a question for Your Excellency regarding something i didn't grasp: what is barings bank?
FX Sage Answers:
thanks for the vote of confidence. Barings bank is A British merchant bank that was started in 1762, and for centuries was considered the largest and most stable bank in the world. In 1995, Barings - then the oldest bank in Britain - collapsed after it was unable to meet its cash requirements following unauthorized speculative trading in derivatives at its Singapore office by then-trader Nick Leeson. Leeson, acting as a rogue trader, accumulated well over $1 billion in losses, which eventually led to the bank's collapse. Barings Bank was purchased by ING for
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