Nick Leeson, the 28-year-old bond trader who is credited with bringing down Britain's oldest bank, pleaded guilty to two counts of fraud today. Leeson had been charged with racking up over a billion dollars in bad stock deals on behalf of his employer, Barings Bank, then disappearing just before the loss was discovered last February. He was arrested in March as Barings, unable to cover the losses, went bankrupt. Nine charges against Leeson were dropped in return for his guilty plea. Sentencing is scheduled for Saturday. He faces a maximum of eight years in prison.