Word: lamont
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...bases its case on the point that Morgan Guaranty made its purchases largely before the Dow-Jones ticker moved the news at 10:55. But Lamont contends the news was hardly secret by that time. As Lament's lawyer argued: "A director is not required to await publication of information in one particular medium before he joins in dissemination...
Shortly before 10:45 a.m. on April 16, 1964, Thomas S. Lament stepped away from the Manhattan board room of the Texas Gulf Sulphur Co. and phoned an officer of Morgan Guaranty Trust Co., of which Lamont, 66, is retired vice chairman. The Texas Gulf board meeting had broken up, and Director Lamont advised the banker to watch the Dow-Jones ticker for good news about the company. Ever since, Lamont has been troubled by that phone call...
Though nothing was bought for Lament's personal account, the Securities and Exchange Commission has charged that Lamont took advantage of his insider's information (TIME, April 30). That is a damaging accusation against the son of J. P. Morgan's late partner, Thomas W. Lamont, and a prominent Wall Street personality in his own right. In addition, the SEC seeks to have Lamont "make restitution" to the shareholders from whom Morgan Guaranty bought its stock-that is, pay them what they would have earned had they held on longer. A U.S. district court would assess...
Question of Timing. Last week Lamont made a spirited defense of his actions and raised the tantalizing question of just when inside information can be considered public knowledge. In a reply to the SEC, Lamont argued that the facts he had when he phoned the bank were generally available to many other investors...
According to Lamont, on the night before the Texas Gulf board meeting, a Canadian weekly, The Northern Miner, front-paged the story of the ore strike-under a headline TEXAS GULF COMES UP WITH A "MAJOR." Copies of the paper had arrived in Manhattan and Toronto brokerage houses well before his phone call'. At 9:40 a.m. on the day of the meeting, Ontario Mines Minister G: C. Wardrope summoned Toronto reporters and confirmed the find. By 10:20, reporters at a Texas Gulf press conference in New York were phoning in their stories of the find...