Word: kidder
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Dates: during 1980-1989
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Dennis Jarrett, technical analyst for Kidder, Peabody & Co., agreed: "The probability of a straight upward movement from where we were on Monday is very, very low. We normally have a bounce, but we have to go back and rebuild...
During the first 13 months of Wall Street's insider-trading scandal, most of the culprits nabbed were individuals. But last week Kidder, Peabody, the 14th largest U.S. brokerage, became the first major institution to be penalized. Without admitting guilt, Kidder agreed to pay the Securities and Exchange Commission a $25 million settlement -- second only to the $100 million that Arbitrager Ivan Boesky paid...
Boesky had fingered Martin Siegel, a former Kidder merger specialist who supplied the arbitrager with tips on takeovers. After Siegel pleaded guilty to criminal charges, authorities alleged that Kidder should have known what Siegel was doing. General Electric, which owns 80% of Kidder, struck the SEC deal to avoid prosecution -- and to put the scandal in the past. Even as the settlement was announced, GE pumped $100 million in capital into the brokerage...
...alleged insiders have done. The firm plans to provide Freeman with legal counsel and keep him on the job unless he is proved guilty. Confides a New York City securities lawyer familiar with the charges: "This is one case where the Government may have been a little too zealous." Kidder too aims to defend Wigton, its accused executive, against the charges...
...wife built a spectacular cedar-and-glass beachfront home on Connecticut's Long Island Sound, complete with tennis court and gym. He typically commuted to work in a chartered helicopter. Siegel reportedly met with Boesky in New York City's Harvard Club in 1982 and bemoaned his compensation at Kidder, Peabody, which he viewed as inadequate even though it was already well into six figures. That lunch date allegedly led to the tip-selling arrangement in which Siegel boosted his income by a total of $700,000 over three years. But by making that purported deal, Siegel, only 38, will...