Month to month there were many discrepancies carried forward without resolution through what I jokingly called my “999 (or Nick Leeson)” account.

Jon Edgell
About This Quote

When an accounting firm is doing an audit, they look for discrepancies between the books and the records that are kept. Accountants will look for different transactions that don’t make sense to them. They will also take a closer look at any discrepancies between two separate financial statements. This can be a problem because it’s not always possible to explain every single account in detail.

In his case, Nick Leeson was… let’s say he wasn’t very good at explaining his actions and how he made certain transactions. Nick Leeson was fired from Barings Bank, which happened in 1995, and he went on to write a book about his experiences. He wrote about how he had taken $1 billion from the bank and all of the missteps that led him to do so as well as his eventual trial and punishment as well as what came after his departure from Barings.

The trial itself lasted only 12 days, there were no criminal charges or fines, and no one ended up going to jail because of his actions. Still, all of those things happened because Nick Leeson didn’t have an accurate accounting of all of his transactions with Barings Bank.

Source: Bust

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More Quotes By Jon Edgell
  1. Month to month there were many discrepancies carried forward without resolution through what I jokingly called my “999 (or Nick Leeson)” account.
  2. Time becomes meaningless without memory and we humans have a unique consciousness that allows us to live in the past or the future, which is actually more of a curse than a useful superpower.
  3. Listening out for the sound of [his parent's] return kept him suspended in a semi-permanent state of agitation just like an apparently sleeping cat whose ear radar never rests.
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