Business Ethics of the Rich and Famous?

The SEC charges seven highflyers with insider trading

MOVE OVER, MICHAEL MILKEN AND IVAN BOESKY. Federal investigators have cracked open another huge insider-trading scandal, and this time they have implicated some of the most prominent names in America's social register. The Securities and Exchange Commission accuses seven corporate leaders of raking in at least $13 million in illegal profits from stock trading based on inside information.

Among the luminaries charged were Martin Revson, co-founder of the Revlon cosmetics empire, and Edward Downe Jr., a former director of the investment bank Bear Stearns and husband of auto heiress Charlotte Ford. The SEC claims Downe used his position at the Wall...

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