1. How would you deal with a star trader who would be extremely sensitive to additional controls that implied he or she wasn’t trusted or would generate more time on paperwork and explanations?
2. What ethical and accounting controls would you advise ING to institute at Barings?
3. Who was more at fault—top management or Nick Leeson?

It was early on a Friday morning in London—7:15 A.M. on February 24, 1995, to be exact—that the phone call came for Peter Baring from Peter Norris. Barings’ family had been in banking since 1763. They enjoyed the patronage of the Queen of England and had financed the Napoleonic Wars and the transcontinental railway in Canada. Barings, London’s oldest merchant bank, would soon be owned by foreign interests because of Norris’s news.