February 09, 2011
Tools of the Trade

You’ll want to read this whole story. Of course you already knew that insider trading is the whole point of the stock market, its basis for being. If both parties to a trade had equal access to information, all the fun and most of the money would drain out of the game. You might actually, God help you, have to work for a living. (Work being here defined as something productive and useful, perhaps even involving pliers.)

“You take two pairs of pliers, and then you rip it open,” Mr. Longueuil, said, according to the complaint. “Pulled the external drives apart. … Put ’em into four separate little baggies, and then at 2 a.m. … 2 a.m. on a Friday night, I put this stuff inside my black North Face … jacket, … and leave the apartment and I go on like a 20 block walk around the city … and try to find a, a garbage truck … and threw the [expletive] in the back of like random garbage trucks, different garbage trucks … four different garbage trucks.”

At the news conference Tuesday, Mr. Bharara called the cover-up effort described in the complaint “something out of a bad movie” and joked that this probably was the first time that a Wall Street portfolio manager used pliers as “a tool of the trade.”



Posted by Jerome Doolittle at February 09, 2011 12:41 PM
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A whole lot of billionaires in that story! That's where the money goes and how it gets there.

Posted by: JoyfulA on February 13, 2011 12:10 AM

Geez, these guys were overdoing it. I knew a guy who worked at the Savannah River Site which used to make plutonium gas for Nuclear warheads and all they did was pull all the hard drives, gather up a bunch of guys and give each one a sledge hanmmer and let him work on a hard drive for 15 minutes or so. All of the debris was probably dumped in salt water after that.

Posted by: Buck on February 13, 2011 6:11 PM
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