-Caveat Lector-
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Securities Regulation
McDermott Gives New Meaning to "Insider" Trading
Investment tips to porn star girlfriend.
ONE of the most powerful figures on Wall Street was facing ruin and disgrace
yesterday after he was charged with giving insider-trading tips to a
prostitute and pornographic film star who was also his mistress.
James McDermott, who was used as a Wall Street pundit by many American
television networks, is alleged to have provided Marilyn Star with
confidential information that enabled her to make a profit on shares of
$88,000 (�55,000).
As a result of an inquiry by the Securities and Exchange Commission into
Star's sudden interest in the world of high finance, the 48-year-old
McDermott, who is married, was forced to resign from his $4 million-a-year
job as chairman of an investment bank, Keefe Bruyette and Wood. He had
earlier postponed the company's stock market launch as legal action loomed,
which cost him a $16 million windfall from his shareholding.
The disgrace for McDermott was complete when it was claimed in court papers
that he had paid Star tens of thousands of dollars during their 15-month
affair. Although the court papers say that the "purpose of the payments was
unclear", Star was at the time working as a prostitute in Miami, advertising
her services at up to $600 an hour on her internet site.
The money sent by McDermott included one payment of $20,000 transferred
telegraphically from a joint account the banker held with his wife, Darian.
McDermott now faces 15 years in jail and huge fines but is vehemently denying
insider trading.
The prosecution claims that he gave Star information about bank mergers in
which his company was acting as an adviser. As the result of one alleged
tip-off, Star bought 1,800 shares in a firm called Barnett Banks, which had
engaged Keefe Bruyette and Wood to find it a merger partner.
Official news of the Barnett move led to a 24 per cent rise in the share
price in a single day. Star sold her stock immediately afterwards.
Prosecutors say she also passed the information to another friend, Anthony
Pomponio, a New Jersey businessman, who made a similar profit.
The affair between McDermott and Star ended just as the SEC began its
investigation in September last year. The American financial world was
mystified when McDermott announced his resignation "for personal reasons"
last summer.
The truth spilled out when he made his first court appearance on Monday in
Manhattan's federal courthouse. He looked downcast and wore a white shirt
with no tie, and dark trousers under a beige raincoat. The father of two said
nothing as he left the court on $1 million bail.
His telegenic good looks and athletic build made him the perfect model for
the high-fliers depicted in Tom Wolfe's novel Bonfire of the Vanities as
Masters of the Universe, who had ruled Wall Street since the Eighties. James
Duffy, who succeeded McDermott as chief executive, said his former colleague
was not considered a risk-taker. He said: "I know him, but I got to tell you,
I'm finding things out about him I'm finding hard to believe." Pomponio was
also released on bail.
Star was charged in her absence under her real name, Kathryn Gannon. A
Canadian citizen, she is thought to have fled the country.
Marc Medoff, a journalist in the adult entertainment world, claimed the
actress - star of Marilyn Does Miami - was innocent of fraud. He said: "Her
PhD is in pornography, not high finance."
The London Telegraph, December 23, 1999
Presidential Rape
Juanita Broaddrick Sues for Her FBI Records
Mistakes were made.
WASHINGTON (AP) -- An Arkansas woman who claims President Clinton assaulted
her sexually in 1978, when he was Arkansas attorney general, has sued for any
files the FBI might have kept on her.
Clinton's attorney has called the accusations ``absolutely false.''
Judicial Watch, a conservative legal foundation, filed a lawsuit on Juanita
Broaddrick's behalf in U.S. District Court. The suit joins 31 other cases the
group has against the Clinton administration.
Mrs. Broaddrick, who lives in Arkansas, claims she was sexually assaulted by
Clinton at a Little Rock hotel on April 25, 1978.
The suit claims the White House violated Broaddrick's right to privacy by
keeping an FBI file on her and allowing administration officials access to
its contents.
Jim Kennedy, a spokesman for the White House counsel, said his office would
not comment on the suit.
Judicial Watch's chairman, Larry Klayman, said he believes a file exists on
Mrs. Broaddrick because, after she wrote the White House seeking it in
October, she received a reply from a White House attorney who said the White
House was not compelled to turn over such documents under the Freedom of
Information Act.
Associated Press, December 22, 1999
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