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Ex-Wells Fargo Employee Defends Right Of All To Tell A Colleague “Many props bro – it’s all good in the hood biatchhhhh"

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The way former Wells Fargo research analyst Gregory Bolan sees it, the Securities and Exchange Commission's suit against him and a former colleague-- Joseph Ruggieri-- isn't just about alleged insider trading. Oh sure, it's about that, too, but take a couple steps back and you'll see that this thing is so much bigger. Bigger than them, bigger than you, bigger than all of us. At its heart, it's about the regulator trying to silences the bros of the world from emailing their office bros to say broisms re: bro-work. It's about wanting to take away that which bros hold so dear-- the right to call other guys bros, to write things like "crush it," to not use apostrophes, to generally be bro-y. And that's something for which Gregory Bolan, Bro, will not stand.

“Many props bro – it’s all good in the hood biatchhhhh,” Gregory Bolan, a former research analyst for Wells Fargo., wrote in an August 2010 email to Joseph Ruggieri, then a trader at the firm. “Bro Fk it – Were partners,” Mr. Ruggieri responded. “Together, we can lift this sector team and crush it.” The emails are part of a chain between the two men, both of whom covered the health-care sector at Wells Fargo, that makes no reference to insider-trading or other illegal activity. But enforcement officials at the Securities and Exchange Commission are including the emails in their insider-trading civil case against the two men, saying the messages help demonstrate the duo were a partnership in which “each scratched the other’s back.” The email evidence was published Friday, as part of motions filed by the two men seeking to dismiss the civil insider-trading charges filed against them by the SEC...

Mr. Bolan, in his filing, says Wall Street analysts are encouraged to talk to traders within their firm as a routine part of their job. Allowing the SEC’s “novel” case to go ahead would “pressure analysts into self-imposed solitary confinement” when they get close to publishing a research report on a company, for fear the SEC will pursue them should a fellow-employee happen to trade in that stock, his legal motion says.

Bros or Insider Traders? Ex-Wells Fargo Colleagues Seek to Dismiss SEC Case [MoneyBeat via Matt Levine]


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