Even before the news was official, it filtered out —
unofficially — to Wall Street. According
to the NY Times’ Gretchen Morganson: On a trading floor in Midtown Manhattan,
the squawk boxes were set to relay a market-moving bulletin at 10 a.m. This was
the news: An analyst at the investment house was raising his assessment of
Amkor Technology, a big name in computer chips.
But it was only 9:30, and Amkor’s share price was already
rising. By the time the announcement came, it was up 4 percent. “It was clear
that my research had been leaked,” the analyst, Ted Parmigiani, recalls.But
leaked how, and by whom? To Mr. Parmigiani, there was only one explanation:
someone inside his own research department had tipped off the firm’s traders,
as well as some fast-money hedge funds.
Nearly seven years later, the events of that June day — and
countless others like it, up and down Wall Street — still rankle him. The
fallout effectively ended his career….
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