Barings Bank (1762 to 1995) was the oldest merchant bank in London, founded and owned by the German-origined Baring family. The bank collapsed in 1995 after one of the bank's employees, Nick Leeson, lost £827 million ($1.3 billion) due to speculative investing, primarily in futures contracts, at the bank's Singapore office.
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Famous quotes containing the word bank:
“I have passed down the river before sunrise on a summer morning, between fields of lilies still shut in sleep; and when, at length, the flakes of sunlight from over the bank fell on the surface of the water, whole fields of white blossoms seemed to flash open before me, as I floated along, like the unfolding of a banner, so sensible is this flower to the influence of the sun’s rays.”
—Henry David Thoreau (1817–1862)