Barings May Be Headed For The History Books

With ING giving up, the royal banker is damaged goods

When ING Group, the Dutch banking and insurance behemoth, bought London's Barings investment bank five years ago for a single British pound, it thought it was getting a great bargain. Barings had been nearly bankrupted by a rogue trader in its Singapore office named Nick Leeson. ING wanted to use Barings' extensive international network as a base for the global expansion of its own investment-banking business.

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