The former IBM exec, who had no idea Danielle Chiesi was just “playing” him when he passed her inside info during the course of a relationship that apparently meant a lot more to him than her, which he has twice cried in public over, has been sentenced to six months in prison.
IBM
Bob Moffat Gets Half A Year To Become Hardened, Jaded, Vow To Never Open His Heart, Pants To An Analyst Again
By Bess LevinBob Moffat Finally Accepting The Fact That Danielle Chiesi Never Really Cared About Him
By Bess Levin
For years and years before she was charged with insider trading in the Galleon case, people were aware of Danielle Chiesi’s schtick. Chieisi, often wearing some sort of get-up that involved fishnet stockings would show up to conferences, parties or other gatherings, seduce some well-informed men with her moves on the dance floor, maybe massage their thighs while they ate, perhaps sleep with them or maybe just engage in sexual banter over the phone for a period of months. Naturally she didn’t do any of this because she wanted to date or mate with these guys but because she was using them for hot tips and other things of that nature. Most people understood this. Bob Moffat did not. He thought there was something there, something real, so real that he’s twice cried in public over this woman, over what they had and over what he lost. Now though, he’s done. This chick is not worth his tears. (Also, he shouldn’t have to go to jail for that long because he did what he did out of love.)
The former IBM executive who pleaded guilty in the fed’s widespread insider trading case centering on hedge fund Galleon Group says his alleged accomplice and former mistress Danielle Chiesi “played” him.
Mark Kurland, Danielle Chiesi’s partner at New Castle Funds who pleaded guilty to insider trading in Galleon Group case, just got slapped with a 27-month prison sentence and a $900,000 fine for participating in the alleged scheme.
Kurland, 61, had argued for probation saying his life had already been ruined by the insider trading charges. “Regardless of his sentence, Mark’s legacy is forever ruined. He can no longer work in the profession he loved and thrived in,” his lawyer said.
Meanwhile, Robert Moffat, the IBM exec who also pleaded guilty to securities fraud and conspiracy in the Galleon case in March, had an “intimate relationship” with Chiesi and, therefore, should get a shorter sentence than Kurland, prosecutors said at a hearing today.
Earlier: Former IBM Exec Bob Moffatt Had A Really Good Excuse For Passing Inside Info To Danielle Chiesi
Former IBM CEO Lou Gerstner is not making any new friends on trading desks. Gerstner bemoans Wall St.’s focus on short term trading rewards but goes one step further and offers a modest proposal to solve the problem. In his utopia, day traders would pay an 80% tax on gains, individuals holding investments for 6 months would pay a paltry 60%, and for those willing to hold on for 5 years, you’d pay nothing (presumably to match the gain).
Gerstner Says Short-Term Gains Should Be Taxed at 80% [Bloomberg]
And you thought antitrust had no surprises left in it. Far from it. Even the threat of extended reviews (six to nine months in this case) is still enough to blow a chilly breeze over the swollen nether regions of about-to-merge firms. In fact, Mom’s sudden appearance at the door (“I thought you were going to the mall!”) can drain the blood from the hottest deals- leaving one party or another pleading for another shot (“I’ll even cuddle after this time. For ten minutes! I promise!”) but often to no avail.
IBM is no longer interested in buying smaller rival Sun Microsystems Inc at any price, due to concerns that such a deal would draw intense regulatory scrutiny, CNBC reported on Thursday.
Citing sources close to Sun, CNBC said the high-end computer maker had approached International Business Machines Corp earlier this week to ask it to return to the negotiating table, indicating that Sun would be flexible about price.
Sorry Sun. We understand cold showers help.
IBM not interested in Sun at any price: report [Reuters]
In case you missed it earlier today, not everyone is taking this recession thing laying down.
International Business Machines Corp. and Sun Microsystems Inc. are negotiating a takeover that values Sun at $9 to $10 a share, people familiar with the matter said.
Personally, we like the world better with an independent Sun. There’s no standing in the way of progress, however. (Or an 80% premium).
IBM, Sun Said to Be Discussing Deal at $9 to $10 [Bloomberg]
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