In Feb. 1995 in London, one of the oldest and most respected merchant banks in the City went bankrupt. The story that Ôrogue' Barings trader Nick Leeson had lost hundreds of millions of pounds speculating in the Far East was front page news around the world. Accused of fraud on a massive scale, Leeson, first strenuously opposed being tried in Singapore, then eventually was taken there from his prison in Frankfurt. In Dec. 1995 he pleaded guilty -- and the trial began and ended within two days. As a result, the prosecution case against Leeson was not heard. What really happened to cause the downfall of Ôthe Queen's bank', and who was actually responsible? Here, Fay discovers a closed network of privilege, greed and incompetence.

B&W photos.