Word: kidder
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Once one of the most respected powers on Wall Street, the brokerage firm Kidder Peabody, went through a management shake-up today in a bid to regain some of its lost reputation. Kidder owner General Electric was rumored to be pondering whether to dump the poorly performing financial house, especially in light of recent allegations that the company's leading bonds trader had dramatically inflated actual profits. GE seems more committed than ever: along with the management shuffle, it recently sunk an additional $200 million into the enterprise...
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...
...Kidder's chairman, Michael A. Carpenter, noted that the "power" of the 36-year-old Jett was "hard to ignore." Other traders considered Jett "extremely strong-willed" and often referred to him as the "Human Piranha...
...editorial in Barron's, the financial weekly, Joe Queenan ridiculed Jett's insidious appreciation of European culture: "Accused Kidder trader was a fan of Nietzsche, for goodness sake." Queenan's amusing editorial argued that the only difference between Jett and all other Wall Street traders was Jett's keen interest in Nietzschean philosophy...