Opinion | Lessons we’ve forgotten 25 years after the fall of Barings4 min read . Updated: 13 Jul 2020, 09:11 PM IST
We have better controls but bankers have continued to take gambles at the cost of taxpayers
In 1872, when Phileas Fogg, Jules Verne’s enigmatic character, wagered with his whist partners at London’s Reform Club, including an assistant governor of the Bank of England, to travel around the world in eighty days, he issued a cheque for £20,000, drawn on Baring Brothers. That was sufficient, as his cheques were paid on sight, and he had joined the club on the recommendation of Baring Brothers, which had given him an unlimited overdraft facility.
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