global traders should be " quite strength as to absorb it without lasting damage " , he commented . " i would stress that these circumstances are common to lehman and should not apply to other banks operating in london . " barings met risks of at minimum 600m in contracts on three stock events in singapore , johannesburg and kobe , he stated , but ' further unquantifiable losses ' were expects .
The banking firm Barings collapsed due to speculations made by Nick Leeson.