Letter: Profit and loss

From Mr Emmanuel K. Stavrianakis

Sir: A few questions arise with regard to the ruinous derivatives transactions and the collapse of Barings. If Nick Leeson were "successful" in his dealings, who would have benefited from the enormous profits which would have been made, obviously commensurate with the incalculable risks taken, and, moreover, had these deals been profitable, would a question of "unauthorised" dealings been addressed by the Bank of England?

Yours faithfully,

EMMANUEL K. STAVRIANAKIS

London, W1

28 February