Word: firms
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...York hedge-fund manager had gotten a tip that Google's earnings would be below expectations, so he was prepared with short positions and put options that would become more valuable as the stock price fell. The alleged source of the tip: an employee at an investor-relations firm that helped Google announce its earnings who wanted to be paid for similar informational gems in the future. (See 25 people to blame for the financial crisis...
...over the top. Federal prosecutors have charged six people with conspiracy and securities fraud in a series of insider trades that allegedly netted more than $25 million in illegal profits. The defendants include higher-ups at two hedge funds as well as executives at Intel, IBM and the consulting firm McKinsey. Rajaratnam was arrested with the others on Oct. 16, but he promptly paid the $100 million bail so that he could return to work on Monday...
...issue are a number of purported information leaks, which - if the allegations are proven true - fall into a truly special category of brazenness. For example: a Moody's bond-rating analyst sharing privileged information that the private-equity firm Blackstone was about to buy Hilton Hotels. A senior vice president at IBM handing over details of Sun Microsystems's financials, which he had access to only because IBM was contemplating buying Sun. A managing director of Intel passing along the company's revenue and profit numbers before they were publicly released and later asking his hedge-fund consort...
...contain some amazingly sordid snippets. In one, Rajaratnam and Danielle Chiesi, a portfolio manager at another hedge fund, apparently discuss how to avoid attracting the attention of regulators. In another, the two contemplate whether the senior vice president at IBM would be more valuable to them at a different firm. In a third, Chiesi, upon sharing non-public details about an upcoming reorganization of the microchip maker AMD, tells an alleged co-conspirator: "You put me in jail if you talk ... I'm dead if this leaks. I really am ... and my career is over. I'll be like Martha...
...illegal insider trading. First, the information in question must be material and non-public. Second, revealing or trading on the information must entail knowingly breaching a duty of "trust or confidence." This can be a fiduciary duty, which an officer of a company would have to a firm's shareholders (perhaps an Intel managing director), or - as the Supreme Court has more recently found - a lower-level employee who has a broader duty to not share, or personally benefit from, his firm's proprietary information (maybe a McKinsey consultant...