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The Leeson case : the pseudo-trader, investment banking and the deregulation of financial markets
[L'affaire Leeson : le pseudo-trader, la banque d'affaires et la dérégulation des marchés financiers]

Author

Listed:
  • Thierry Suchère

    (EDEHN - Equipe d'Economie Le Havre Normandie - ULH - Université Le Havre Normandie - NU - Normandie Université)

Abstract

peut-on rendre un homme seul responsable de la faillite d'une grande banque la Barings avec 200 ans d'expérience ? Nick Leeson est un comptable. Il rêve de devenir trader et gagner de l'argent. Mythomane, Leeson fait croire qu'il engrange les profits alors qu'il accumule les pertes. Pour cacher ses exactions, il falsifie la comptabilité. On a là un exemple de tromperie informationnelle (Akerlof et Shiller 2016). La Barings distribuait des bonus à ses salariés. Tous les salariés avaient intérêt à croire à la fable du profit en forte croissance. L'histoire de la Barings illustre le phénomène de pillage de l'entreprise jusqu'à la faillite (Akerlof et Romer 1993). On aimerait croire qu'en remettant les brebis égarés dans le droit chemin, on va pouvoir faire de la bonne finance. Se focaliser sur les individus, c'est oublier le rôle joué par les institutions. La fraude a d'autant plus d'espace pour se déployer que l'on prône la dérégulation des marchés.

Suggested Citation

  • Thierry Suchère, 2024. "The Leeson case : the pseudo-trader, investment banking and the deregulation of financial markets [L'affaire Leeson : le pseudo-trader, la banque d'affaires et la dérégulation des marchés financier," Working Papers halshs-04596914, HAL.
    • Handle: RePEc:hal:wpaper:halshs-04596914
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-04596914
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