Abstract
On announcing the debacle of Barings, the Bank of England emphasised that the circumstances were ‘unique to Barings’ in an attempt to calm its effect on the rest of the financial community. But those in charge of banking and securities operations around the world must know that what has happened to Barings is by no means without precedent. Only last year the downfall of Kidder Peabody, an American securities firm, was caused by the head of its government bond trading who had been creating fictitious trading profits. And Japan is no exception. Its banking sector has recently suffered a series of collapses which have undermined confidence in the financial system. Events that have been of particular concern to the public in Japan are failures of two credit associations, Tokyo Kyowa and Anzen.
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