Stupid Bankers
Paul Kilduff

Stupid Bankers

Bankers are not all smart. ‘Stupid Bankers’ features the worst disasters in banking ever and the people who made them. This is a book where banking meets biography meets history meets disaster in thirteen compelling tales.

Nick Leeson in Singapore alone destroyed Barings Bank. Toshihide Iguchi, once a used car salesman, traded away $1.1 billion at Japanese bank Daiwa in New York. Peter Young cost Deutsche Bank £400 million before appearing in court dressed as a woman.

John Rusnak, known as “Mr. Middle America”, lost $691 million trading foreign exchange very badly for Allfirst in Baltimore. Howie Hubler, a bond trader at Morgan Stanley in New York beat all-comers by losing $9.6 billion. Jérôme Kerviel, called “The Cash Machine”, lost €4.9 billion trading futures for Société Générale in Paris.

James Cayne played cards at a bridge tournament as Bear Stearns collapsed and Richard Fuld earned $89 million in one year before Lehman Brothers went bankrupt. Sir ‘Fred the Shred’ Goodwin led The Royal Bank of Scotland to disaster before losing his knighthood. Sean FitzPatrick of Anglo Irish Bank Corporation almost bankrupted Ireland.

Kweku Adoboli lost £1.4 billion trading for Union Bank of Switzerland but Bruno Iksil, known as the “London Whale”, did not lose $6.2 billion trading for J.P. Morgan Chase. Tim Leissner of Goldman Sachs orchestrated a $4 billion fraud in Malaysia.

Paul Kilduff, a HSBC, Merrill Lynch and Citibank banker and financial thriller author, reveals the blunders of these spectacularly unsuccessful bankers, and analyses what went wrong and the lessons learned.

Never in the field of global banking has so much been lost by so few stupid bankers.

Book Details:

  • Author: Paul Kilduff
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Paul Kilduff

Paul Kilduff

Born in Dublin, Paul Kilduff graduated from University College Dublin and later qualified as a Chartered Accountant. He spent six years working with international banks in the City of London and returned to live and work in Dublin. He has written four financial thrillers. Square Mile was published in 1999, The Dealer in 2000, The Frontrunner in 2001 and The Headhunter in 2003. They were published by Hodder & Stoughton in London and by Muelenhoff in The Netherlands. He has written three non-fiction travel books. Ruinair was published in Ireland by Gill & Macmillan in 2008 and was pub...
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