ROGUE TRADER

UK/US, 1998, 1O1 minutes, Colour.
Ewan McGregor?, Anna Friel, Yves Benyton, Betsy Brantly, Tim McInerny?, Roger Lindsay.
Directed by James Dearden.

Rogue Trader was filmed in 1998, three years after the collapse of Barings Merchant Bank, one of the oldest banks in Britain. The cause of the downfall was a rogue trader, a Watford boy, Nick Leeson, who gambled on the Singapore Exchange and built up enormous debts by using the bank itself as a client to pay off other clients. With the Asian instability, the earthquake in Kobe, Leeson in 1993-94 caused the bank to lose over a billion dollars.

The film is more a Reader's Digest overview of the character and situation (based on a book contributed to by Leeson) rather than a kind of Wall Street based on actual characters. Ewan McGregor? presents Leeson as a bright young scoundrel from outer London, one of the boys, gambling on a small scale, gaining in confidence, relying on his charm, able to reassure the bosses, avoiding the scrutiny of the supervisors, double-dealing with the auditors.

The film shows a lot of stock exchange frantic scenes, his desperation in his office, his relationship with his wife Lisa and her caution, the ultimate collapse of his career and his return to Europe where he is arrested. The film uses a voice-over technique for him to comment on his own behaviour as well as the aftermath and his time in prison and his wife leaving him and becoming a flight attendant.

The film is written and directed by James Dearden, whose films include Pascali's Island and the remake of A Kiss Before Dying. While the film is interesting while it is on screen, it is really only a sketch rather than a drama or a study.

1. Audience knowledge of the 1990s, financial dealings, post-Wall Street? Barings Bank, overseas investment, futures trading? Nick Leeson, what he did within Barings Bank, causing its collapse? The repercussions for banking, especially British banking?

2. The film's treatment of its subject and characters? Sketch rather than depth portrait? Overview?

3. Britain, the banks, Nick Leeson and his pub background? Indonesia? Singapore, the city, Raffles Hotel, the exchange? Authentic atmosphere? Musical score?

4. The use of the voice-over, Nick Leeson's comments on himself, his background, his motivations, his behaviour, his trading, his cover-ups, his desperation? The final comments on what he had done? His estimation of himself just as a lad, cheeky, taking advantage of situations, a common gambler? His growing awareness of what he had done, the cover-ups? His being physically sick? His finally giving himself up?

5. The character of Leeson, family background, the opening credits, the behaviour in the pub? His getting a job in the bank, his impressing people with his charm? Tony and Ron and their support of him? The head of Barings? Being bright, going to Indonesia, discovering the vault full of documents, his working on them, making an impression? His encounter with Lisa, the attraction, marrying her? Their home life, her wanting to work, his stopping it? Her not having enough to do, her illness, hospital? Her wanting to go home? His growing success? The bonuses? His beginning to trade, the deficits, losing the money, borrowing, funds coming from Britain? The importance of his contacts with Pierre Beaumarchais and his speculations, buying and selling, undercutting rivals? The impact of the earthquake in Kobe? His friend Danny and his support? Bonnie and her doing whatever he asked in terms of accounts? The supervisor's coming from England, smooth talk, perfunctory supervision? His borrowing more money, speculating, the Nikkei going up and down? The earthquake, watching it on television, realising the dangers? The exchange going down, the urgent calls from England? Tony and the others coming to Singapore, the dinner, his imagining telling them the truth and their being sick? His covering up? Lying to the auditor, falsifying the documents? Reassuring Ron by phone? Getting out, taking Lisa, in Indonesia? Seeing the headlines, trying to escape the media, returning, giving himself up? Portrait of a rogue trader?

6. The Barings officials, their presumptions about honesty, regulations, being lax in supervision, pleased with profits? Not understanding, presuming the honestly and skills of Nick? Their finding out the truth, desperation? The fantasy of them being sick at the dinner? The head of Barings, the phone calls, unable to borrow, even from the Sultan of Brunei? The collapse of the bank, the information on the television news? The finale with the head at the opera? The operatic nature of the collapse of the bank?

7. The various personalities in London, banking people, presumptions, old school tie? Ron and his being more down to earth, believing Nick? The supervisors, the women? The local workers, the girl who made a mistake and couldn't face coming back to work? Nick and his reaction to those on the floor? Dan and his trying to get the truth from Nick?

8. The absence of a moral sense, the complete world of gambling and greed, speculation? Its coming to a head in a dramatic collapse? The consequence for the world, finance and banking, moral conscience about financial issues?