Description

BANKERS ARE NOT ALWAYS SMART. STUPID BANKERS recounts the worst disasters in banking and tells the tales of those responsible. Nick Leeson alone sank Barings Bank. Toshihide Iguchi, once a used car salesman, traded away $1.1 billion at Daiwa Bank in New York. Jérôme Kerviel, called ‘The Cash Machine’, lost €4.9 billion at Société Générale in Paris. Sir Fred Goodwin shredded the Royal Bank of Scotland and Sean FitzPatrick bankrupted Anglo Irish Bank. Howie Hubler lost $9.4 billion trading derivatives at Morgan Stanley, but Bruno Iksil did not lose $6.2 billion at J.P. Morgan Chase. Paul KILDUFF, a Bank of America and Citibank banker and financial thriller author, reveals the errors of these and other spectacularly unsuccessful bankers, and analyses what went wrong. Never in the field of banking was so much lost by so few stupid bankers. ‘KILDUFF WRITES WITH AUTHORITY … HE SPINS A COMPELLING TALE’ IRISH TIMES