back to article IBM, Intel execs arrested over alleged insider trading

Update: An extensive update to this story can be found here Executives from IBM and Intel have been arrested amid allegations they were involved in an insider trading scam. According to a report from the Associated Press, six people were arrested today as part of an insider trading case, including Bob Moffat, senior vice …

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  1. This post has been deleted by a moderator

  2. Anonymous Coward
    Go

    'bout time

    They've been way too lax in enforcing the laws that exist. An open and free market place relies on everyone playing by the same rules. Enforce the damn rules!!! Make examples out of 'em and go after others. If they're aggressive in nailing these guys then the market will be a better place for everyone.

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  4. onceuponatime

    And this is different how?

    I love how the SEC always acts like this is a rare occurrence rather than daily business here in the US of A.

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  6. Anonymous Coward
    Pint

    Great Success!

    I wonder why the FBI suddenly hates America? And, gosh 7 billions? doesn't that make Galleon Group TOO BIG TO FAIL?

  7. Anonymous Coward
    Anonymous Coward

    MP's / Ministers involved ??

    I wonder, out loud, whether any Ministers or MP's have utilised information they are privy to because of their jobs to inside trade ?. Given their prediliction to fiddling I would not be surprised.

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  10. Anonymous Coward
    WTF?

    Intel

    Wow, Intel is really losing face with all the monopoly and insider trading shit going on huh?

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  12. Anonymous Coward
    WTF?

    damn I'm sad

    I work for one of the companies mentioned. Our management is always preaching to us about doing the right thing, and even if it's not against the law if it would appear shady not to do it. I hope this is the result of one greedy employee and not something wrong in that division. I hope my management team strings him up.

    If not, it's a total do as I say not as I do and I'll have to spruce up the resume...

    -anon

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  14. Anonymous Coward
    Anonymous Coward

    Sucked in!

    Somehow I doubt this is an isolated incident among IBM execs. Their attitude does seem to indicate they think all these rules and "values" only apply to us plebs.

  15. nobody_handles_me
    Alert

    worker bee

    Funny how the Wall St. Journal, the NY Post, Daily News, Newsday ALL had this on the FRONT PAGE.... except for NY Times. And then the fact that an IBM exec was involved was buried deep in the article rather than mentioned in the first few sentences.

    What most people don't know is an exec like Moffat already make MILLIONS from his regular salary and bonuses. In addition, he gets stock options.. that is he when the stock reaches a particular price he can sell it (until that price it's worthless). So... IBM laid off 4,800 in January and another 4,300 in March (9,100 in Q1 2009) so the stock price rose. Oh.. and they didn't HAVE to do these massive job cuts, it was a short-term fix for revenue short fall. All the work went to India where they've hired 18,000 this year.

    So Moffat made lots from those cost cutting actions and the resulting stock increase. THEN... as if that wasn't enough....he has to get invovled with insider trading. The big question now is... did he also share the insider info on the massive Job Cuts as well as the Sun and AMD info?

    Greed is a funny thing. It is apparently addicting. Maybe we'll start to see that as a new white collar defense. Temporary insanity, glind greed, etc. etc.

    Add your own comment

  16. Anonymous Coward
    Paris Hilton

    re: worker bee

    "What most people don't know is an exec like Moffat already make MILLIONS from his regular salary and bonuses."

    Huh? You must be the smartest person on earth. BRILLIANT! I didn't know that!

    P.S. Because I'm pretty sure you don't get it, that's sarcasm.

    P.P.S. Paris, 'cuz I'm pretty sure even she knew that.

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