Section #1Nick began working as a clerk and worked at many banks. He eventually started his career at Barings Bank. His talent was soon recognized, leading to his rapid promotion to the bank's trading floor. Soon after his promotion, Leeson was posted to Singapore. While there, he was given a management position and was responsible for expanding markets on the Singapore Money Exchange; Nick was making millions for the company. He earned this money by betting and predicting the direction the Nikkei index would take. Although this was a dangerous way of doing business due to the risk of losing money, Leeson managed to make a bumper profit of £10 million. This constituted 10% of the company's annual profit by that year. Thanks to his remarkable talent, the company's executives began to sincerely trust Leeson. At that time Nick was extremely happy with his large salary and his loving wife. Leeson's career began to go badly when he began to hide his losses. He hid his mounting losses in the error folder 88888. This folder was originally created for a colleague who had accidentally caused a loss of £20,000. Nick Leeson wasn't the only culprit. His superiors had made the fatal mistake of allowing him to monitor his activities. This job is usually given to a colleague or superior. By December 1994 its losses rose to £512m. He became desperate to repay his losses. This led him to bet that the Nikkei index will not fall below 19,000. Needless to say, this did not happen. The Japanese economy was recovering after a 2 year and 6 month recession, but Leeson's hopes were dashed when an earthquake struck Kobe. This led to huge losses, as the Nikkei index fell 7% within a sweet spot. He was hoping for a... middle of paper ......rusting people like Nick Leeson. I would have kept an eye on them. Continuing, I wouldn't transfer $1 billion to someone without a proper explanation of how they plan to spend it. Even after the explanation, I would still submit his plan to many other traders in the same field, in order to get a proper consensus. Additionally, I would hire more competent accountants who can properly track the company's profits and expenses, without being fooled by such methods. As the head of such a large company, I would make sure to hire accountants who specialize in fraud. This will ensure that no individual within the company can get away with fraud. Finally, I would establish rules for all traders. These rules will outline which markets they are allowed to enter and prevent them from investing in risky trades, such as predicting the Nikkei index..