 Nick Leeson's trading jacket fetches five-figure bids
Call it riding on the coattails of infamy.
A blue-and-yellow striped jacket that once belonged to British rogue trader Nick Leeson has fetched "five-figure" bids and counting in an auction that started on Sunday. Depending on the bidding situation, the hammer price may be settled today, said KPMG, the liquidator of Barings Bank. The use of the proceeds from the auction has yet to be determined.
Flashback to 1995, when the historic Barings an institution that financed Britain's war against Frenchman Napoleon Bonaparte in 1804 was sold to Dutch banking and insurance giant ING for a paltry £1 ($3).
Leeson lost his shirt and ended 230 years of British banking history when he amassed losses of £1.4 billion for betting wrongly against the Nikkei index of leading Japanese shares.
Mr Richard Heis from KPMG told Today that the trading jacket was shipped to London from Singapore in a crate of Barings Futures' belongings, which mainly contained trading jackets of the members of Barings' Singapore Monetary Exchange team. A reproduction of the jacket was worn by Ewan McGregor in Rogue Trader, a film based on Leeson's sinking of Barings.
"I thought about having it auctioned at Christie's, but the only departments that would have handled it were either the one dealing with historical clothes or the one dealing with fashion, neither of which is really quite right," he told British paper the Financial Mail on Sunday.
The jacket is one of two remaining assets liquidator Heis has from Barings the other being about £500,000 in cash. After more than 12 years, the liquidation is finally coming to an end for just over 100 bondholders.
After spending three and a half years in Changi prison, during which he penned the book, Rogue Trader, Leeson became a free man in 1999 three years before his release date, on account of good behaviour. During his jail term, he also went through a divorce with his first wife and survived cancer of the colon.
In 2005, he was appointed general manager of Galway United Football Club in Ireland and published his second book, Back from the Brink, Coping with Stress. Most recently, Leeson who is free to trade on his own account said he may return to full-time trading in Galway, Ireland.
He told Bloomberg earlier this year: "You wouldn't believe how many people have asked me to manage their money."
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