Word: stockings
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Dates: during 1980-1989
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...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: conspiracy to commit illegal insider stock trading...
...M.B.A.s with an eye for a quick buck. Wigton had been a member of the Kidder, Peabody firm for more than 30 years. He was elected last year to the board of governors of the National Association of Securities Dealers, the respected regulating arm of the over-the-counter stock industry. Freeman was a 22-year Goldman, Sachs veteran. Only the youthful Tabor could be described in fast-track terms. A Rhodes scholar, he held down the No. 2 job in Kidder's arbitrage department under Wigton. In 1986 he hopped to Chemical Bank to head a new arbitrage unit...
...Sachs, eventually beat off the raider's advances, at a cost of $4.4 billion. But according to the charges, Goldman, Sachs Partner Freeman, who was privy to Unocal strategy, disclosed inside information about an important defensive move to Siegel at Kidder, Peabody. The move was a so-called exclusionary stock tender, which meant that Unocal would purchase stock from shareholders other than Pickens in a move to isolate the raider...
Siegel allegedly passed the information on to Wigton and Tabor. According to the charges, that duo then embarked on some sophisticated dealing for the brokerage's private trading account, based on their assumptions of how the stock market would react to the Unocal ploy. The twosome allegedly bought put options that allowed Kidder, Peabody to sell Unocal stock at a future date for a preset price that subsequently earned a handsome premium for the seller. The brokerage firm is said to have made "millions of dollars of illegal profits" on that and other transactions...
...illegal insider information back to Goldman, Sachs' Freeman. Siegel allegedly told Freeman of secret plans by a Kidder, Peabody client, the Manhattan investment firm Kohlberg, Kravis, Roberts, to launch a takeover bid for Miami-based Storer Communications. That put Freeman in a position to profit from trading in Storer stock...