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The Government got you into this mess so don’t trust them to get you out of it, says rogue trader Nick Leeson

Posted By admin On October 8, 2008 @ 11:06 am In Money Watch | Comments Disabled

UK Daily Mail [1]
Wednesday, Oct 8, 2008

The world’s most notorious rogue trader today said it was ‘foolish’ to trust governments and central banks to solve the global credit crunch.

Nick Leeson, whose trading led to the collapse of Barings Bank in 1995, said it was the political and banking leaders who allowed the financial meltdown to happen in the first place.

The former trader said for the past decade the British Government and the Bank of England simply did not understand what was happening in the financial markets.

(Article continues below)

‘The Government didn’t see it coming,’ said Mr Leeson. ‘The central bank didn’t see it coming. And you have to ask yourself, why?

‘From my perspective, it’s because they didn’t understand the market and the impact that some of these products were going to have.

‘The reason for that is that they weren’t good enough.

‘You now entrust the same people to get you out of the situation. For me, that’s foolish.’
He said the current crisis has its roots in irresponsible lending over the past 10 or 12 years.

Full article here [1]

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URLs in this post:

[1] UK Daily Mail: http://www.dailymail.co.uk/news/article-1071216/The-Government-got-mess-dont-trust-says-rogue-trader-Nick-Leeson.html

[2] “Rogue” Trader Highlights Possible 9/11 and 7/7 Insider Trading: http://www.prisonplanet.com/rogue-trader-highlights-possible-911-and-77-insider-trading.html

[3] BBC Releases Official Statement On Alessio “The Trader” Rastani: He Is Perfectly Legit And The Interview Was Not A Hoax: http://www.prisonplanet.com/bbc-releases-official-statement-on-alessio-the-trader-rastani-he-is-perfectly-legit-and-the-interview-was-not-a-hoax.html

[4] Dont Bet on a Recovery: http://www.prisonplanet.com/dont-bet-on-a-recovery.html

[5] Greek Trader Explains Why The Country Is Heading For Rebellion Or Civic Mutiny: http://www.prisonplanet.com/greek-trader-explains-why-the-country-is-heading-for-a-social-tipping-point-of-rebellion-or-civic-mutiny.html

[6] UBS Trader in $2 Billion Loss on Unauthorized Trade: http://www.prisonplanet.com/ubs-trader-in-2-billion-loss-on-unauthorized-trade.html

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