Bob calls people-in-the-know at publicly traded companies. He says, "Hey, wanna do consulting?"
What kind of consulting? "Oh, you know. Just handing over corporate secrets. Easy money."
Bob then calls hedge funds: "Hey, wanna buy some stock tips?"
Hedge-fund managers have wealthy clients who pay them a premium to beat the market. And what better way to beat the market than to fix the market?
Insider trading? Nah. This is "expert networking."
* * *
It would be comforting to write off Bob as a cynical urban myth. But Bob is not only a real person, he likely represents an entire industry.
Last week, 32-year-old Bob Nguyen, of Stockton, Calif., pleaded guilty to fraud charges in a Manhattan federal court.
Sunday, January 16, 2011
“Expert Networking” or Bribe to Blab?
Al Lewis in Sunday Journal leans toward the latter view:
Labels:
hedge funds
No comments:
Post a Comment