Word: errors
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...didn't pay all his bills. Last week the Financial Times obtained internal documents pointing to error account No. 88888, a piece of evidence overlooked by Barings auditors. It showed Leeson had already built up a $80 million deficit at the end of 1994, the year in which he supposedly earned huge profits for Barings and had become known unofficially as the Nikkei king on the SIMEX floor. His reputation was based on his ability to spot tiny differences in the value of Nikkei futures on the exchanges of Singapore and Osaka, Japan, and make millions by exploiting the spread...
...reportedly told his Barings contact in New York, "I hope you're getting some credit for this because your company is getting a lot of business from me in Singapore." It is still not clear where the mystery client's investing stopped and where Leeson's own-hidden in error account No. 88888-began. But right to the end, Leeson claimed that his huge, inexplicable investments were on someone else's behalf. "He always told us it was for this special customer," says one of his regional supervisors. "When we go back and listen to tapes of those conversations...
...tidy profit by making those trades in conjunction with the bank's separate and official holdings of Nikkei 225s in Osaka and SIMEX."I won't tell you how good," says a Barings employee, "but it was a good business." Little did Barings know that it was responsible for error account No. 88888, which was unhedged and would turn out to be fatal to the company...
...addition, while Leeson could call up the error account on the company computer, most of his colleagues, who lacked the special password, did not have access to it. And last week members of Leeson's trading team in Singapore admitted to police that he had instructed them to put only a certain number of specific trades in the error account...
Currier House Superintendent Edward F. McGeoghean turned off the hot water in Daniels in anticipation of the heater's arrival, students said. But due to an error made by United Parcel Service (UPS), the heater never came, McCurtain said...