Bill Griffith, the company man, trashes Joe Jett, whom Kidder Peabody, A GE subsidiary, accused of fraud.
The transactions that Kidder Peabody accusses Jett of committing fraud are much too complex for me or Bill Griffeth to understand.
From what I udnerstand, Jett was relatively new in the business - two years out of business school. Yet, Kidder Peabody allowed him to invest hundreds of millions of dollars in complex trades. They claimed that they were unaware of what he was doing and Jett was allowed to make these complex transaction without their knowledge - and he somehow committed fraud.
I have no idea how this stuff works, but I do know that a bank clerk has to balance their accounts each day before they allowed to go home. Every penny has to be accounted for. Every transaction has an audit trail - and there are cameras that monitor the tellers activities.
Now, tell me Jett's supervisors and supervisor's supervisors allowed a virtual trainee (Jett) to invest hundreds and hundreds of millions of dollars and where those same supervisor's earned millions in commission on Jett's trades and then tell me you beleived they did not know know what Jett was doing.
Bill Griffeth did his best to virtually declare that Jett was guilty of fraud.
It may indeed be, that Jett does not deserve the millions in commissions as he claims, but there is no doubt in my mind that he played according to the rules and that he did not intentionally commit fraud. It is also clear that Jett's superviors covered their behinds and framed Jett and that Bill Griffeth was trying his best to earn some brownie points. Shameful.
Sincerely,
Mary Cluney
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