Mebel, Doran and Company Case
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A working definition of "insider trading" is that it is an illegal activity that involves trading by management, major shareholders or employees of a firm using information that is not yet publicly available. A working definition of the term "investment banking firm" is that it is a company that facilitates capital restructuring including initial public offerings, as well as mergers, acquisitions and leveraged buyouts. A working definition of the expression "Chinese Wall" is an imaginary wall that separates the research department from other departments at an investment banking firm. A "Chinese Wall" denotes a commitment by a firm dealing with publicly traded securities not to disclose or confidential information.In the mid to late 1980s, major investment banking firms were being criticized for their involvement in, and knowledge of insider trading. This problem was dramatized in 1987 in the movie "Wall Street." The premise of the movie is that a savvy but unscrupulous investment banking firm headed by an individual with the unlikely name of Gordon Gekko uses information gathered from paid informants to illegally manipulate the price of stock to earn huge profits. In the Mebel, Doran and Company case, the questions facing its President, Harvey Hegarty, include these: To what extent did his firm contribute to the run up in price of the Power-Tie company? To what extent did the employees of his firm act unethically?
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Approximate Word count = 1054
Approximate Pages = 4 (250 words per page)
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