Was the existence of the 88888 Account one of the fundamental problems at Barings Bank plc or was the problem with its use? Explain
What will be an ideal response?
The existence of the 88888 Account does not appear to be the problem. As long as this account was balanced on a daily basis, Leeson could not have exposed Barings to such
life-threatening risks. Establishing special accounts, such as Barings' 88888 Account, is a reasonable ways to conduct daily bank business. The problem was that Barings did not audit and control this account, and therefore, Leeson was left free to speculate as he wished.
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