Today’s business section looks remarkably similar to yesterday’s business section. That it is Thanksgiving seems immaterial. The stories are fresh and different, but plenty report grim news despite this day of good cheer and gratitude. We learn that General Pinochet, the former military dictator of Chile, was arrested on tax fraud (among other things). The arrest has something to do with allegations that he kept secret bank accounts in the United States under false names. Did he have contacts at these banks? We also learn that federal prosecutors have charged David Pajcin, a former securities broker, with insider trading. Apparently, he may have illegally obtained copies of Business Week before it hit the stands and used business-related information from the magazine to make deals. There’s even something new about Adelphi to report. One of Adelphi’s royal family (the other son) has pleaded guilty to a charge of making a false entry in a company record. If any of these people are actually guilty, the consequences of their actions have certainly harmed innocent bystanders. And, of course, these people have families and friends who have suffered from the reverberations, as well. This is all depressing.

Perhaps though there is good in this news. It is a reminder that there are those out there working to catch the bad guys in corporate America. Law enforcement, prosecutors, confidential sources, witnesses, lawyers, judges, paralegals, clerks, and the occasional reporter are all trying to bring justice. And, there are even corporate private investigators (not just Caveat Research) in the mix attempting to do their part.

On this day of thanks, here’s a toast to everyone making notable strides at putting away the financial crooks of our day.

--TB

Labels: insider trading