Show Notes
This is a story I was completely enthralled by when it broke back in 1995. Leeson’s face was splashed across every newspaper in the days after he disappeared, having brought down Barings Bank by concealing massive losses and then trying to trade his way out of trouble — only to end up losing £827 million- about $1.3 billion. It was nearly 30 years ago now, so I’d forgotten most of the details, which made revisiting it all the more fun. It’s a cracking story. Enjoy.
More from Great Business Stories
I would say more than anyone else, Richard Branson was the guy who inspired me to become an entrepreneur- I have a terrible memory but I remember so vividly Branson’s first appearance on the Late Late Show- that was Ireland’s biggest talk show - and it was 1986 - and it was the first time I’d ever seen a businessman who didn’t act like a businessman- woolly jumper and jeans, big hair, big teeth and when he talked he just made business sound like fun, an adventure- which for most of us who love business, that’s exactly how we see it - yeah it’s tough, it’s challenging but that’s all part of the fun and adventure.
I had heard about General Magic over the years- and it was always held up as this almost mythical startup- the company that more or less developed the smartphone but was years too early, and then just 2 weeks ago I came across a documentary on it- it’s simply called General Magic- and it’s really good- well worth watching. So i did a b it more digging, found great articles and additional interviews with the founders. This is the story of how 1 guy had this vision for a new handheld device, how he got the top talent from Apple to join him, how they got the biggest tech and telecom companies in the world to join them, how they were stabbed in the back by John Skulley, the Apple CEO, and how it all fell apart- this is a cracking story, enjoy.
I have a very clear memory of this story because it became public 15 years ago in 2011, and I remember watching the news and seeing Michael Woodford, the whistleblower being mobbed by the media in Tokyo after he had found out and exposed a 20 year $1.7 billion dollar fraud in Olympus the company where he had just been promoted to the CEO role. And what I love about this story is that it gives us a great insight into Japanese corporate life, how saving face was, and maybe still is prioritised over everything else. This story has drama, strong characters and even the hint organised crime in the form of the Yazuka- it’s a brilliant story- enjoy
Griffin has been on my list from day 1- like he’s the 32nd richest person in the world with a net worth of $60 billion, but I was in no real rush to cover him, until about 2 weeks ago when I finally got round to watching Dumb Money- the movie about the GameStop short squeeze-and it’s a pretty good movie.
The RIP part, well you’ll see what I’m getting at by the end of the episode. I wanted to dig into this story for a while now because like most of you, I knew the outline -you know, 2 hippy type guys who did things a bit differently, who were never really interested in money or success and yet they built one of the biggest and best known ice cream brands in the world.