Barings Bank

Founded in 1762, Barings was a British merchant bank, which for centuries was the steadiest and largest bank on the planet. Then, in 1995, trader Nick Leeson goes rogue, engages in unsanctioned, speculative derivatives trading, racks up losses to the tune of over $1 billion, and blows everything up. Figuratively speaking.

Because of the debacle, Barings was incapable of satisfying their requisite cash requirements and couldn't service the debt, so ING bought them for £1.00. Yes, you read that right. £1.00. Needless to say, Mr. Leeson wasn't particularly popular afterwards.