Word: bonding
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Jett is a 36-year-old Harvard Business School graduate who has been accused of bilking the Wall Street firm of Kidder, Peabody by concocting untold millions in "phantom trades" during the two years he served as head of the company's government-bond trading desk. The allegedly fictitious transactions, which were discovered in April, bloated Kidder, Peabody's bottom line by $350 million and earned Jett $9 million. He was dismissed, and the company filed suit against him to get back the money. He has denied any wrongdoing and filed a countersuit against Kidder, Peabody...
...things have changed. If Kidder, Peabody's charges are to be believed, Wall Street and America have now progressed to the point that an African American is considered smart enough to run a bond-trading operation so arcane that many financiers, regardless of race, cannot fathom its complexities. And Jett was perceived as doing so well in the job that the firm's white leadership empowered him to trade for a two-year period with virtually no supervision. Leave aside whether Kidder, Peabody's charges against Jett are plausible. In a way his guilt or innocence is almost beside...
...government to squeal on their co-conspirators, and get off with no more than a fine and community service. The few who actually go to jail serve their terms in relatively comfortable minimum-security prisons, get out early for good behavior and are often left with fortunes. Former junk-bond baron Michael Milken served only two years of a 10-year sentence for securities fraud, and, after shelling out more than $1 billion in fines and to settle civil lawsuits, is trying to make do with a piddling sum estimated at $300 million. He was even invited to lecture...
...industrial average closed at 3,773.45, up 20.31 . . . NYSE's composite index rose 0.50 to 253.59 . . . NASDAQ Stock Market composite index up 4.56 to 733.44 . . . American Stock Exchange rose 0.66 to 441.84 . . . Gold rose 50 cents to $383.60 on the Commodity Exchange in New York . . . The 30-year Treasury bond closed with a yield of 7.31 percent, up from 7.27 on Thursday...
...closed at 3,755.91, down 12.61 . . . NYSE's composite index was down 0.47 to 253.70 . . . Nasdaq Stock Market composite index fell from 4.13 to 739.30 . . . American Stock Exchange down 0.10 to 442.49 . . . Gold rose 70 cents to $381.10 on the Commodity Exchange in New York . . . The 30-year Treasury bond closed with a yield of 7.26 percent up from 7.22 percent yesterday...