was that wrong/should I not have done that/I gotta plead ignorance on this one

  • News

    Who Said It?

    “Each of us does and says things at one point or another in our lives we regret,” [redacted] told TheWrap. “The costume I wore to the fundraiser [in which I appeared in blackface] was one such thing for me.”

    Hopefully you answered James Montgomery, CEO of boutique investment bank Montgomery & Co, as that was the answer we were looking for. Montgomery, whose costume also featured African tribal wear and a stuffed gorilla and was captured on a video released today, continued:

    “While I can understand that some people may have read something other than what was intended into my wearing that costume to a costume party [at the annual fundraising event for St. Matthew’s Parish School], as anyone who knows me would attest, that is not consistent with my beliefs nor is it with who I am,” Montgomery added. “I am sick about the false impression it gave. All I can do now is to do what I did then and apologize for any offense I may have caused.”

    Tom Hanks calls fundraiser blackface video ‘hideously offensive’ [MSNBC]

    / Mar 21, 2012 at 4:34 PM
  • News

    Maybe Accused Insider Trader Timothy McGee Thought Intel Obtained In AA Meetings Got A Free Pass Under Securities Laws?

    Pop quiz: you’re an insider trader looking to score some fresh intel. You’ve exhausted all of your sources and what’s more, you’re sick of just hitting them up for tips– you want to make obtaining material non-public information fun again. You figure the best way to go about that is to identify a target with obvious vulnerabilities that can be exploited for profit (always a good time). Do you a) go with the Danielle Chiesi move (i.e. requesting info post or, better yet, mid-coitus) b) get ordained as a Catholic priest and press penitents for potential market moving news during confession or c) go for broke: start attending AA meetings, become someone’s sponsor and then, when he/she’s confiding in you that the stress of his/her job at a certain company has been driving him/her to down a bottle of vodka every night, move in for the kill? If you’re Timothy J. McGee, the answer is simple.

    The Securities and Exchange Commission today charged two financial advisors and three others in their circle of family and friends with insider trading for more than $1.8 million in illicit profits based on confidential information about a Philadelphia-based insurance holding company’s merger negotiations with a Japanese firm. The SEC alleges that Timothy J. McGee and Michael W. Zirinsky, who are registered representatives at Ameriprise Financial Services, illegally traded in the stock of Philadelphia Consolidated Holding Corp. (PHLY) based on nonpublic information about the company’s impending merger with Tokio Marine Holdings. McGee obtained the inside information from a PHLY senior executive who was confiding in him through their relationship at Alcoholics Anonymous (AA) about pressures he was confronting at work. McGee then purchased PHLY stock in advance of the merger announcement on July 23, 2008, and made a $292,128 profit when the stock price jumped 64 percent that day.

    “McGee stole information shared with him in the utmost confidence, and as securities industry professionals he and Zirinsky clearly knew better,” said Elaine C. Greenberg, Associate Director of the SEC’s Philadelphia Regional Office. “As this case demonstrates, we will follow each link in a tipping chain all the way to Hong Kong if necessary.”

    From the complaint:

    In early July 2008, immediately after an AA meeting, the Insider confined to McGee that he had been drinking as a result of the mounting pressure, and revealed to McGee that the source of the pressure was ongoing confidential negotiations to sell PHLY. The Insider told McGee that the stress generated from his participation in the negotiations was having a negative impact on his personal life. In response, McGee expressed interest in the details of the PHLY sale and questioned the Insider about the details fo the impending deal.

    SEC Charges Five With Insider Trading on Confidential Merger Negotiations Between Philadelphia Company and Japanese Firm [SEC]

    / Mar 13, 2012 at 3:01 PM
  • Hedge Funds, News

    Hedge Fund Manager Didn’t Know You’re Not Supposed To Gamble And Lose Investor Money To Tobey Maguire, Paris Hilton’s Sex Tape Partner, Et Al

    You’re a hedge fund manager running a Ponzi scheme in Los Angeles. You’re pretty into poker and attend bi-weekly games with various actors who, as it unfortunately turns out, aren’t half bad at cards. The buy-in’s $100,000 but you don’t have the cash. What do you do? If you’re Brad Ruderman you use some client […]

    / Jun 22, 2011 at 2:03 PM
  • News

    Former RBS Director James Glover May Get 10 Years For Embezzlement

    Remember Jim Glover AKA G-Love? For those who need refreshing, JG is the guy who we reported almost a year and a half ago had decided to help himself to a bonus after deciding the one awarded to him by management wasn’t good enough.

    / Jun 3, 2011 at 5:35 PM
  • News

    Senior Deutsche Bank Employee Didn’t Know You Couldn’t Bring Guns On An Airplane

    Getting out of town for the long weekend? If you’re traveling by plane, perhaps we should take a moment to review a couple of items the FAA is not cool with you stashing in your carry-on. Gulf-clubs. Cattle prods. Regular-sized bottles of shampoo. Gel-type candles. Guns. Yes, guns! It’s pretty wild but they’re still not […]

    / May 27, 2011 at 11:40 AM
  • News

    Financial Services Employee Who Inserted His DNA Into A Co-Workers Water Bottle Gets Jail Time

    If you’ve been wondering lately whether or not you’d actually go to jail for putting semen- your own or otherwise- into the water bottle of an unsuspecting coworker, but felt weird about asking and didn’t want to arouse suspicion, wonder no longer. Remember Michael Kevin Lallana? Name not ringing a bell? Okay try this: remember […]

    / Apr 26, 2011 at 10:28 AM
  • News

    Unfounded Rumor Of The Morning: Which Bank’s “Water Guy” Was Arrested For Installing Some Unauthorized Cameras?

    Apparently “the guy that delivers water bottles to the trading floor” of a certain bank was escorted out of the building in handcuffs today, for “installing cameras in the men’s bathroom.” That’s all we know at this time. If you have any intel on the situation, or suspect you may have been filmed yourself, do […]

    / Mar 25, 2011 at 12:09 PM
  • News

    Financial Services Employee Explains Why He Inserted His DNA Into A Colleague’s Water Bottle

    Remember Michael Kevin Lallana? Name not ringing a bell? Okay try this: remember the Northwestern Mutual Investment Services employee who last January allegedly somehow got his jizz in a bottle, left it on a colleague’s desk where she drank it, got sick, and threw it out? And then a couple months later, allegedly released more […]

    / Feb 25, 2011 at 12:31 PM
  • News

    Citi Stripping Employees Of One Of Handful Of Reasons To Work At Citi

    Time was, if you worked at Citi, one of the “perks” of the job was that you could let loose over email in ways other banks had already put the kibosh on. The big C may not pay the most, it may offer little to no prestige, and it definitely lost some fans when the […]

    / Jun 21, 2010 at 10:37 AM
  • News

    Area Credit Suisse Employee Chose…Unwisely? (Update)

    A couple weeks ago a second year Tech analyst at Credit Suisse got drunk, returned to the office, and entered a colleague’s cubicle. Apparently having not been made aware when he was first hired that destruction of company property is frowned upon at this particular bank, here’s what happened next. From: [redacted at Credit Suisse] […]

    / Apr 12, 2010 at 10:15 AM
  • News

    RBS Employee Fired For Awarding Himself Unauthorized Bonus

    For the past few years, bonuses at RBS have been what you call not so great (for good reason of course, which is that whatever money the firm had needed to be put towards on-site saunas and sports bars, so just silence yourselves). RBSGC Managing Director James Glover (apparently known to colleagues though not to […]

    / Feb 8, 2010 at 12:31 PM

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