...is what Market Watch's David Weidner (basically) wants to know. According to Weidner, Leeson, who you all know single-handedly brought down Barings Bank in the early 90’s, has picked the perfect time to get back in the biz.
Nick Leeson contemplating a return to trading is kind of like Donald Rumsfeld considering another crack at Iraq or Jeff Skilling thinking about a return to management, or a sequel to "Gigli."
But what better time could there be for a man who once stole $1 billion to make bad currency bets. The road to redemption has been paved of late by ex-former analyst Henry Blodget, ex-former investment banker Frank Quattrone and I-promise-this-hedge-fund-won't-require-a-multi-billion-dollar-bailout John Meriwether. If the Police can reunite for a tour, surely Leeson can make a stop in Singapore. After all, Judas Priest played a few dozen reunion dates a couple of years ago.
[In the time since Leeson went to prison,] rogue traders continued to have their way. Regulators at the New York Stock Exchange prosecuted nearly 200 cases, barred 130 individuals -- 35 permanently -- and collected $27.7 million in fines from member firms in 2005, the last year such statistics are available. The violations run the gamut, but it's safe to say most had some kind of failed supervisory function. In other words, no one was watching closely.
All of this would make for fertile ground for Leeson, who could dazzle us and his clients with his trading prowess. In an interview with the local paper in Ireland where he now lives, Leeson assured the locals he wasn't about to snooker the bank.
Don't bet against him [Market Watch]