Word: kidder
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...bust was carried out with all the speed and precision of a major drug raid. There was nothing sleazy, though, about the locale: Manhattan's pinstriped financial district. On a chilly midmorning last week, a pair of federal agents strode into the gray stone headquarters of the blue-chip Kidder, Peabody investment firm. They headed for the 18th-floor office of Richard Wigton, 52, head of the company's risk-arbitrage and over-the-counter stock-trading departments. As Kidder, Peabody employees looked on in dismay, the officers arrested Wigton, then led the stunned executive away. The charge against Wigton...
...office of Robert Freeman, 44, head of the company's arbitrage department. Freeman was arrested and escorted from the building. Driven across town to Manhattan's federal court building, the handcuffed executive joined another distinguished Wall Streeter who had been arrested the night before. Timothy Tabor, 33, a former Kidder, Peabody investment banker and subsequent Merrill Lynch executive, had been picked up at his Upper East Side apartment. The charge against both men: conspiracy to commit insider trading...
...case only with the help of an informant. The man who actually fingered the arrested trio was Martin Siegel, 38, who resigned last week as co-chief of mergers and acquisitions for the Drexel Burnham Lambert investment firm and who had previously worked in a similar department of Kidder, Peabody. Known in investigators' documents by the code name CS-1, Siegel had confessed that while at Kidder, Peabody from June 1984 to January 1986, he had been part of an insider-trading ring that included Wigton, Freeman and Tabor. Last week Siegel pleaded guilty to tax evasion and criminal conspiracy...
...civil complaint against Siegel, the agency charged that he had passed on insider information to Boesky starting around August 1982. On the basis of those tips, the arbitrager was said to have made at least $33 million in illegal profits. Among the deals in which Siegel, as a Kidder, Peabody vice president, was charged with having passed on information was the proposed 1984 sale of about 20% of the shares in Los Angeles-based Carnation, a move that seemed bound to attract takeover sharks. Siegel is believed to have tipped off Boesky, who bought 1.7 million shares of Carnation...
Towards the end of the long summer, several of us revealed our belief that the only way to go was to learn as much as we could working for whites, and then go out on our own. Dillon Read, Kidder Peabody, and Merrill Lynch were the enemy, buttresses of the subtle institutional racism that everyone keeps saying has replaced overt racism as the real problem facing Blacks now. It was taken as a given that within the corporate structure Blacks were never going to rise high enough to achieve real financial independence, or get Panasonic multivision systems. Well, maybe those...