A bunch of guys at Nomura know what we're talking about.
"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]
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]