28 May 2010

Too Bad His Name Isn't Clyde

A woman who works -- or until this week worked -- as the executive assistant of a Disney executive has been arrested for conspiracy to sell inside information to stock traders.

Her boyfriend was in on the scheme too, and has also been arrested.

Her name is Bonnie. His name, alas!, is not Clyde. It is Yonni.

I have been known to rise to the defense of the accused in insider trading charges. But these two were ... stupid. Bonnie Hoxie sent an email out to a variety of hedge funds saying, "Hi, I have access to Disney's (DIS) quarterly earnings report before its release on 05/03/10. I am willing to share this information for a fee that we can determine later."

Gee, I think I, too, will write perfect strangers and ask them if they want my assistance committing a crime. What could go wrong?

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Knowledge is warranted belief -- it is the body of belief that we build up because, while living in this world, we've developed good reasons for believing it. What we know, then, is what works -- and it is, necessarily, what has worked for us, each of us individually, as a first approximation. For my other blog, on the struggles for control in the corporate suites, see www.proxypartisans.blogspot.com.