Welcome back Nick. Glad to see you trading again!
Nick Leeson was surely not the first trader to conduct illegal trades or hide losses in client accounts. But the phrase “rogue trader”—now used in all sorts of contexts, most recently to smear Amaranth energy trader Brian Hunter—was made famous in connection with Leeson after his trading losses brought down the venerable British merchant bank Barings.
And now he’s trading again, according to Bloomberg.
Nick Leeson, the rogue trader whose wrong-way bets on Japanese stocks ruined Britain's oldest merchant bank, said he may go back to trading full-time with only his own money at stake.
Leeson said he trades "when I get the time'' and has been buying and selling currencies for the past few months. He is considering "watching screens'' for a living when he decides to leave his current job as commercial director of Irish soccer team Galway United FC.
"You wouldn't believe how many people have asked me to manage their money,'' Leeson, 40, said in an interview in Galway, on Ireland's west coast on March 2. "If I make a decision and lose money, fair enough. If I make a decision for somebody else, then I would feel obligated to make it up to them.''
Nick’s apparently been cleaning up by betting against the dollar and trading on recent currency volatility. He’s staying away from trading stocks—his biggest losses were from bets on Japanese stocks—although he is free under British law to trade them if he wants. Once bitten, twice shy? Not by a long-shot. The article makes clear that Nick's considering returning to trading full time.
[Note: Picture is Ewan McGregor playing Nick Leeson. It was just more interesting than any picture of the real Leeson.]
Leeson, Who Ruined Barings, May Return to Trading [Bloomberg]