Ewan McGregor, Anna Friel Drama Full Movie | Rogue Trader (1999) | Retrospective

Summary

The movie follows the true story of Nick Leeson, a young, ambitious trader who single-handedly brought down Barings Bank, one of Britain's oldest investment banks. Starting as a clerk, Leeson quickly rises through the ranks, eventually becoming the general manager of Barings' futures trading operation in Singapore. Initially, he achieves remarkable success, bringing in substantial profits for the bank. However, a series of unauthorized trades and attempts to conceal losses in a secret "88888" error account spiral out of control. As his losses mount, Leeson increasingly gambles on the market, hoping to recover the money. His deceit is eventually discovered, leading to the collapse of Barings Bank and Leeson's imprisonment for fraud and forgery.

Highlights

Initial Success and Growing Recognition00:25:55

Leeson experiences a period of success, making back all the losses and impressing his superiors. He becomes known as a star trader, praised for his ability to generate significant profits, despite his risky strategies and hidden unauthorized trading.

Introduction to Nick Leeson and Barings Bank00:02:33

Nick Leeson, a man from Watford, gets a job at Barings, the oldest private bank in the world. He narrates his initial years, including a car crash, and his move to Jakarta to sort out problems with bearer bonds, demonstrating his early ambition and unconventional start in the prestigious banking world.

Transfer to Singapore and the Start of Unauthorized Trading00:08:20

As a reward for his success in Jakarta, Leeson is given the opportunity to set up his own trading operation in Singapore. He hires a young, inexperienced team and begins trading Nikkei futures. He creates a secret '88888' error account to hide a small mistake made by a new trader, marking the beginning of his unauthorized and increasingly risky trading activities.

Escalating Losses and Deception00:19:17

Leeson's attempts to recover initial losses in the 88888 account lead to more losses. He resorts to borrowing money from client accounts to cover the hidden deficits, creating a precarious financial situation. He starts engaging with a large client, Beaumarchais, hoping to generate enough commission to cover his growing losses.

The Audit and Continued Deception00:31:17

An audit is scheduled, and a stringent auditor, Ash Lewis, is sent from London. However, due to internal politics, Lewis is recalled, and less experienced auditors take over. Leeson manages to conceal his unauthorized trading by fabricating documents and manipulating accounts, making it appear that all is well.

Personal Struggles and Increased Pressure00:43:30

Leeson is forced to return to London for his father-in-law's funeral, a period of emotional strain. He is also pressured by his wife, Lisa, to leave Singapore and start a family. Despite the personal and professional pressure, Leeson continues his high-stakes trading, desperate to generate profits and cover his mounting losses.

The Earthquake and Catastrophic Losses01:06:06

A major earthquake in Kobe, Japan, causes the Nikkei market to plummet. Leeson, who had bet heavily on the market rising, faces catastrophic losses. His attempts to buy into the falling market to prop it up only lead to further, enormous deficits, bringing his total losses to hundreds of millions.

The Collapse of Barings Bank01:21:22

Leeson and Lisa flee Singapore as the extent of his losses becomes apparent. His actions directly lead to the collapse of Barings Bank, which is eventually sold for one pound. Leeson and Lisa are eventually caught, and he faces charges of fraud, forgery, and breach of trust.

Aftermath and Conclusion01:32:34

Leeson is sentenced to six and a half years in prison in Singapore. Lisa divorces him and establishes a new life. Leeson reflects on his personal loss and the devastating impact of his actions, admitting that he did not personally profit from his illegal trading, but sometimes wished he had.