Word: stockings
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Dates: during 1980-1989
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...spurred anxiety and soul-searching in Wall Street boardrooms. Levine had allegedly amassed a total of $12.6 million in illicit profits while working for three investment firms--Drexel Burnham Lambert, Lehman Bros. and Smith Barney--during the past 5 1/2 years. Insider-trading cases come and go like stock-market rallies, but never has such a high-level executive been accused of using privileged information for so much personal gain over so long a period of time. Wall Streeters think that Levine must have been trading tips with a group of moneymen and fear that his arrest...
Illegal insider trading can take many forms. Advance knowledge that a company is about to introduce a new product, issue a spectacular earnings report or even be the subject of a flattering story can enable investors to reap easy profits on timely stock trades. But the bread and butter of inside traders is tips about takeover bids...
...information week in and week out. Curiously, in 35 of the 54 insider-trading cases cited in the SEC charges, the investment bank that Levine worked for was not involved with the merger bid. The implication is that he may have been exchanging information with other investment bankers or stock traders...
...arbitragers, the investors who speculate on takeover battles. The arbs, as they are called, typically buy shares in a takeover target after a merger bid is announced. They hope to make a quick profit because rival suitors may start a bidding contest and drive up the price of the stock. Some arbs seem to know about proposed takeovers before they are announced...
...time went on, Levine's purchases--and profits--grew larger. In November 1982, after joining Lehman Bros., he bought 50,000 shares of Itek. He sold the stock two months later, after Itek was acquired by Litton Industries, netting $805,035. By last May Levine had joined Drexel Burnham Lambert, and in his most lucrative deal yet, he bought 150,000 shares of Nabisco. Three weeks later, speculation over Nabisco's merger talks with R.J. Reynolds enabled him to sell the stock for a profit...