Word: kidder
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Jett generated "phantom profits" by deceptively trading the "strips" of government bonds, serving to boost his performance-based salary to $9 million last year. In his acceptance speech for Kidder's "chairman's award," Jett preached a belligerent philosophy: "This is war. You do anything to win. You make money at all costs...
Should Joseph Jett be regarded as Nietzsche's Ubermensch incarnate? Jett was recently fired from his Wall Street post as head government-bond trader at Kidder Peabody, the 128-year-old investment bank. He allegedly masterminded an illegal trading scheme that will result in a $140 million loss for his company...
...want to know how HMC is involved in derivatives and how it fared there," Gordon said. "I'm very suspicious about how they were able to not lose money while places like Kidder,Peabody got killed. With derivatives it is easy toavoid losses now by making them show up later, soI want to know specifics which they're notgiving...
Jett, who had worked for Kidder for less than three years, has an unpublished phone number. He could not be reaches for comment...
...make up for the fraud caused by Jett, Kidder and G.E. will reduce its first-quarter earnings projections by $210 million...