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To: Toby Zidle who wrote (2494)	4/19/1999 10:53:00 PM
From: Gary M. Reed	Respond to of 17683

It's tough to say what really happened behind the scenes. I'm sure there's some blame on both sides (both Jett and KP). However, if Jett's assertion is true, that he was cleared by the NASD, then I'd have to side with Jett. The NASD ALWAYS sides with the firm in matters between a member firm and an employee. So for him to be cleared by them would make me believe perhaps he wasn't the villain the press made him out to be. As far as the interview today, I've rarely seen Bill Griffeth bulldog an interviewee like he did today. Think about it, usually when Griffeth has book authors on Power Lunch, he throws them all softballs and basically gives them a free pass to promote their book--most of the time he helps them promote it. Griffeth would've looked more credible (vis a vis trying to score some browning points with his GE boss) if he treated this book interview the same way he treats all the others he does. Instead, it looked like he was going to bat for Mother G.E. In hindsight, it probably would've been a better idea if CNBC had Mark Haines do the interview, since Haines is typically tough but fair on everyone he interviews. It just looked too suspect when Griffeth decided to get tough this one instance. I'm not saying Jett is a saint; I'm sure he knew exactly what he was doing when this stuff unfolded. The silly part is that Kidder represented themselves as "the victim" here, when in reality, there was plenty of blame on both sides.

To: Toby Zidle who wrote (2494)	4/20/1999 2:55:00 PM
From: Mary Cluney	Read Replies (1) \| Respond to of 17683

Toby, >>>(He knew very well the in's and out's of Kidder Peabody's computerized accounting system.) He had been on the job at KP for a couple of years....<<< If Kidder Peabody has a serious computerized accounting system, like everyone else in the business, the system took hundreds of man years to design, develop, tested, and implemented. A guy out of business school, with maybe some user manuals, will never fully understand the system and be able to beat it. There are generally two ways people can beat a computer system. If Jett had access to the internals of the computer system - he may be able to do things that are not authorized. I very much doublt he had this level of access and I very much doubt that if he had this much access, he had enough computer internal technical knowledge to beat the system. Another way would be if he had a collaborator where he could conduct illegal transactions, and someone else could cover up or alter audit trails. No well conceived system could allow the person doing the transactions also have access to audit trails that could be altereded. >>>you can argue that the security industry's transaction systems don't have the proper safeguards. <<< I didn't hear where anybody else was fired because they designed a system with loop holes in it that people can get away with millions of dollars. >>>do you know the age and experience of the young guy who runs your particular Fidelity Fund?<<< I doubt these people can steal a nickel from me and get away with it. >>>Notwithstanding this, the spotlight should be focused on the person alleged to have initiated the fraud.<<< It would be far more convincing that management is not covering their own behinds and setting up some fall guy, if they could point out that their was some concommittmant misdeeds by the designer of the computer system, the auditing function, or supervisory failure. Since none of this happened, my guess is that Joe Jett has been set up and than trashed by a journalistically challenged and comprised tv anchor (Bill Griffeth). Regards, Mary