"Bad boy" of Wall Street Ross Mandell used both the carrot and the stick approach -- trips to the brothel on the one hand and public humiliation on the other -- to motivate employees to keep his alleged stock scam operating, a former broker at his defunct brokerage firm testified.
Michael Passaro, who took the stand as a government witness, said that brokers who did well "manipulating" Sky Capital's stock would get all sorts of perks, including cell phones, parking spots, limo service and evenings out at "Stringfellows" -- a famous London club that Passaro lauded for both the steak and the “entertainment”.
"The food is phenomenal . . . and the women are just amazing," he said, prompting titters from the jury.
Brokers who failed to "support" Sky Capital's various stocks, on the other hand, were punished in humiliating ways, such as having their offices taken away and being placed in "the boardroom," Passaro said. The former broker, who pleaded guilty to securities fraud in January, described the boardroom as "a no man's land" for poor performers, akin to "being put in the hallway when you were bad in school."
http://www.nypost.com/p/news/business/bad_boy_broker_used_carrot_stick_wUFNesKNlJTqiW7HvDUg9J
No comments:
Post a Comment