The former global head of mergers and acquisitions at Barclays, Steven McClatchey, was sick of the bullshit on Wall Street, after 32 years of hard work. Instead of retiring, he sought out a job as a fucking plumber — unclogging toilet bowls and removing shit from pipes. That was his first mistake.
His second mistake was telling a fellow worker of pending mergers — specifically in Questcor Pharmaceuticals Inc., PetSmart Inc., Emulex Corp. and Omnicare Inc.
“I’m a good man who made a serious error in judgment,” McClatchey told U.S. District Judge Katherine Polk Failla in Manhattan at his sentencing hearing Wednesday.
His buddy executed 10 trades and made $76k on the tips. He then gave McClatchey his ‘cut’ by handing over gym bags of cash and handshakes filled with crispy $100 bills. Retard level thinking.
He also did free tile work in McClatchey’s house, as a form of appreciation for the windfall.
Prosecutors went for the throat on this one. There is nothing more disgusting than a plumber making money off insider information.
“This was a period of 19 months, with multiple trades,” Failla said, in rejecting the defense plea for a sentence of home confinement. She called McClatchey’s actions “an extraordinary breach of trust.”
In separate news, former head of MF Global and establishment shill, John Corzine, avoided trial altogether for literally stealing money from client accounts to shore up MF Global’s failing balance sheet. His actions directly caused people to lose $1 billion, yet he received zero prison time.
Sounds reasonable.
Mr. Corzine, former Chief at Goldman, now spends his days trading his own fortune in Central America working on philanthropic projects — specifically Covenant House — because giving back to the people is what he’s all about.
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