Gee, you mean “expert” means just getting your hands on earnings numbers before they’re released?
On or about August 28, 2009, CHU spoke on the phonewith Lee. During that call, CHU told Lee about another Firmconsultant who worked at Broadcom (the “Broadcom Employee”), andwho could provide “top line revenues” for Broadcom. CHU and Lee then discussed how Lee could contact the Broadcom Employee (whoalso worked as a Firm consultant). On November 21, 2010, CHUspoke with FBI agents. CHU told the FBI agents that the BroadcomEmployee “probably gave [a certain hedge fund manager] Broadcom’srevenue numbers before Broadcom’s quarter end because that iswhat [the Broadcom Employee] does. When you ask [the BroadcomEmployee] for Broadcom’s revenue numbers, [the Broadcom Employee]will give it to you.”
Well well.
As I suspected, these so-called “Expert Networks” appear to be nothing more than the old “get the inside information by hook or crook” game. The only “expert skill” is that of prying out material inside information from the actual company, not sussing out something through superior skill.
Expert my ass.
Incidentally, when do we see the major investment banks indicted as a consequence of this? Not only do they have “captive” hedge funds along with “substantial investments” in them, but I bet their proprietary trading desks have connections with these so-called “experts” as well.
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