Word: kidder
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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...
...created an atmosphere for such trading, advertently or not, by failing to maintain the so-called Chinese walls of discretion between their investment-banking divisions and their trading departments. That may have been the case in one of the insider-trading arrangements allegedly started by Martin Siegel, the former Kidder, Peabody merger whiz kid who pleaded guilty Feb. 13 to charges of illegal stock trading and tax evasion. The Wall Street Journal reported last week that Kidder, Peabody's chief executive, Ralph DeNunzio, ordered Siegel in March 1984 to create an arbitrage department to speculate on takeover stocks...
...proved that either Kidder, Peabody or Goldman, Sachs reaped profits from their employees' illegal dealing, the firms could be forced to disgorge huge sums. A federal statute passed in 1984 entitles the Securities and Exchange Commission to ask courts to impose treble damages on such profits. The federal investigators have reportedly served subpoenas on both Kidder and Goldman in an effort to search a wide range of trading records. In addition, Wall Street lawyers said they have begun to get a flood of inquiries from investors who want to file private lawsuits against the implicated investment houses...
...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...