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Albert Henry Wiggin (February 21, 1868 – May 21, 1951) was an American banker. General Electric's Owen D. Young once described him as "the most colorful and attractive figure in the commercial banking world" of his time. Wiggin was the Director of privately owned Federal Reserve Bank of New York 1932–33.
Apr 2, 2021 · By the age of 23, he secured a job as an assistant for a national bank examiner, and two years later he became the assistant cashier of the Third National Bank of...
Apr 2, 2021 · Wall Street Crime And Punishment: Albert H. Wiggin, An Old-School Banker Whose Stock Prescience Got Him In Trouble. Phil Hall. Fri, Apr 2, 2021, 9:40 AM 6 min read. Does crime pay? Wall...
Albert H. Wiggin. Chase National Bank. 1911–1930. Industry: Finance. Era: 1910. When Wiggin joined Chase in 1904, it was a modest bank with assets of just $250 million. As president, however, Wiggin oversaw a huge expansion wave, including the 1917 founding of the Chase Securities subsidiary.
- Albert H. Wiggin
- Ivan Boesky
- R. Foster Winans
- Martha Stewart and ImClone
- The Bottom Line
After the Wall Street Crash of 1929, it was revealed that Albert H. Wiggin, the respected head of Chase National Bank, had shortedmore than 40,000 shares of his own company. Using companies that were owned by his family to hide the trades, Wiggin built up a position that actually gave him a vested interest in running his company into the ground. At...
Ivan Boesky was an American stock trader who became infamous for his role in an insider trading scandal during the 1980s. This scandal also involved several other corporate officers, employed by major U.S. investment banks, who were providing Boesky with tips about upcoming corporate takeovers. Boesky had his own stock brokerage company, Ivan F. Bo...
R. Foster Winans was a columnist at the Wall Street Journal who wrote a column called "Heard on the Street." In every column, he would profile a certain stock, and the stocks featured in the column often went up or down according to Winans' opinion. Winans arranged a deal where he leaked the contents of his column—specifically the stock that he was...
In December 2001, the Food and Drug Administration (FDA) announced that it would not approve a new cancer drug called Erbitux from the pharmaceutical company ImClone. Because it was expected that this drug would be approved, it represented a major portion of ImClone's future plan for growth. As a result, the company's stock dropped rapidly. While m...
Insider trading is when an individual or group of individuals buys or sells stock in a company based on confidential or non-public information about that company. It is illegal but can be difficult to detect. Insider trading is often covered in the media, especially if it involves public figures or well-known companies. Four insider trading cases t...
- Adam Barone
Apr 9, 2021 · By the age of 23, he secured a job as an assistant for a national bank examiner, and two years later he became the assistant cashier of the Third National Bank of Boston. Within the banking world, Wiggin gained a reputation for being a diligent, serious and deeply-focused worker.
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Feb 9, 2021 · The Wiggin Provision of the 1933 Securities Act prevents company directors from short selling their own stocks and profiting from their company’s misfortune. Albert H. Wiggin became the face of what would become known as insider trading.
