VARIOUS: EWAN MCGREGOR STARS AS BARINGS TRADER NICK LEESON IN PREMIERE OF "ROGUE TRADER"

Record ID: 545818

  • Title: VARIOUS: EWAN MCGREGOR STARS AS BARINGS TRADER NICK LEESON IN PREMIERE OF "ROGUE TRADER"
  • Date: 26th June 1999
  • Summary: LONDON, ENGLAND, UNITED KINGDOM (JUNE 21, 1999) (REUTERS) (SOUNDBITE) (English) EWAN MCGREGOR SAYING: "Good going, eh Yeah. good on you mate. I know I've lost some bets in my time, but that takes the biscuit, fifty million. Well what's really fascinating about him and ultimately the film is, see how I ploughed straight in?" ANNA FRIEL SAYING: "I thought of a funny answer t
  • Embargoed: 11th July 1999 13:00
  • Keywords:
  • Location: SINGAPORE, LONDON, ENGLAND, UNITED KINGDOM, FRANKFURT, GERMANY AND VARIOUS FILMING LOCATIONS
  • City:
  • Country: Germany
  • Reuters ID: LVADCFYRF273YQNPXB3MLEKX6WUC
  • Story Text: Crime pays, or at least it does in the movie business.Notorious bank trader Nick Leeson, who broke the venerable Barings Bank by gambling and losing more than 850 million pounds sterling on the futures market, has had his life story turned into celluloid.The film 'Rogue Trader', which had its world premiere on Monday night (June 21), offers a voyeuristic peek inside the adrenaline filled world of big risk, big money and -- in this case -- big losses.
    It was a dramatic start, with a host of stars coming out to see the premiere of 'Rogue Trader', a true tale based on the whiz kid from Watford, who broke Britain's oldest and most respectable bank Barings.
    The story of the man who loses millions by treating the financial markets as a giant casino and then going on the run, captivated the international media.It blew away the image of a dry, pinstripped financial world.
    Infact the idea to turn Nick Leeson's life story into celluloid came to doyen of British television journalism, Sir David Frost, during a news interview he was conducting with Leeson in a Singapore prison.
    Frost, who is executive producer of 'Rogue Trader' resolved to buy the film rights for an undisclosed figure.
    But he does not believe Leeson will profit from the deal.
    As for the cast, they were glad they didn't have to work in finance in real life.
    Ewan McGregor, plays a dashing Nick Leeson, probably more so than the young British trader ever was.He is coupled with Anna Friel, who plays his wife Lisa.Friel, who is currently the toast of Broadway with her appearance in the play 'Closer', says the real Lisa couldn't make it to the premiere as the film rekindles old ghosts.
    Neither Friel nor McGregor have visited Leeson in prison, although McGregor admits that he would like to visit Leeson once he gets out.
    But truth may be stranger than fiction, as the movie 'Rogue Trader', based on the best seller Lesson wrote with Edward Whitley, has found itself upstaged by the real life tale of Nick Leeson.
    Leeson ran up huge losses at the Barings operation in Singapore by getting caught out on futures positions when the market in Japan went the wrong way.He covered up the red ink by using a false trading account numbered '88888' -- eight is a lucky number for the Chinese -- and then like a desperate gambler, bet more to win back his losses.
    To the bank's head office in London, Leeson was a star who was raking in the money.For the bank, regularly moving millions of dollars to Singapore to cover his margin calls was not much of a concern when the bottom line looked so good.
    When the chips fell, the IOU was 850 million pounds.Barings was bust and Leeson was in Borneo when the police came calling.
    Finally arrested as he got off a flight in Frankfurt, Leeson was returned to Singapore and sentenced to six and a half years in jail in December 1995 for fraud.
    Leeson's losses on the trading floor had been huge.On one day alone the rogue trader managed to lose five million pounds.
    'Rogue Trader' is based on the best seller written by Leeson with Edward Whitley.But McGregor says it is difficult to tell how close the story is to real events.
    Since Leeson was imprisoned he has been diagnosed with colon cancer and his wife Lisa has left him.She has remarried an investment banker.
    Leeson could be released from jail in Singapore as early as July, if he behaves well,but he's not expected to promote the film.That is left to McGregor and Friel to help 'Rogue Trader' enjoy more success at the box office than Leeson did at Barings.
  • Copyright Holder: REUTERS
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