Word: streets
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Phone taps, FBI surveillance, confidential informants - it's the stuff of major mafia investigations and Law & Order reruns. But they're also the tactics used by federal authorities against a slew of dark-suited desk jockeys accused in Wall Street's largest insider-trading scandal in decades. Authorities say billionaire hedge-fund manager Raj Rajaratnam, founder of the Galleon Group, and 19 others illegally used secret information about public companies to inform investments that yielded some $60 million in profits over the past several years. The defendants, who also include traders, lawyers and executives at firms such...
...requires only a kindergartner's sense of justice to understand why insider trading is a Wall Street no-no: it's unfair. Simply put, insider trading means buying or selling stocks, bonds or other securities based on significant information that's not available to the general public. Besides creating an uneven playing field that disadvantages regular investors, insider trading by corporate officials also violates their responsibility to operate in the best interests of shareholders...
...outright) and created the Securities and Exchange Commission to enhance market oversight. As the stock market expanded in the 1960s, the SEC grew more aggressive in fighting insider trading, relying on a general prohibition against securities fraud. In 1987, the Supreme Court ruled that a former Wall Street Journal reporter, R. Foster Winans, and two associates were guilty of mail and wire fraud for trading on names mentioned in upcoming editions of the newspaper's "Heard on the Street" columns. Winans was sentenced to 18 months in prison, although the court split on whether his actions also constituted illegal insider...
...1980s were a monument to Wall Street excess, witnessing some of the most notorious insider-trading prosecutions in history. Corporate raider Ivan Boesky - said to be an inspiration for the fictional Gordon ("Greed ... is good") Gekko, villain of the Oliver Stone film Wall Street - was sentenced to 3½ years in prison and fined $100 million in 1986 for insider trading. Financier Michael Milken, the "junk-bond king" who famously earned $550 million in 1987, avoided prosecution on similar charges by pleading guilty to other criminal counts. But the largest insider-trading conviction came two decades later, in 2007, when...
...Yale sophomore died last Sunday. Andre Narcisse '12—an Exeter graduate and aspiring Economics concentrator of Haitian descent—dreamed of someday becoming a Wall Street executive. Yale police officials do not suspect foul play. Yale College Dean Mary Miller told the Yale Daily News that it would be premature and inappropriate to speculate, but added she is hoping to address concerns about alcohol and drug use on campus...