Serving His Clients All Too Well

Wall Street's spreading scandal fells a prominent trader

The identity of the financial community's latest fallen wizard, Boyd Jefferies, may have come as less than a rude shock, since the prominent Los Angeles stock trader was known to have dealt heavily with Arbitrager Ivan Boesky. But on Wall Street, where scandal is becoming almost routine, Jefferies' announcement last week that he would plead guilty to two criminal charges created a whole new sense of dread. For Jefferies was not charged with insider trading, as a dozen others were, but with other rule-bending practices that have become commonly tolerated. The case against Jefferies, based partly on tips provided by the...

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