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Short-selling his own bank’s stock
- Wiggin was also the only member of the Federal Reserve Bank to have a law written precisely against his actions, the “Wiggin Provision”, when Albert was forced to “resign in disgrace after it was revealed that he had been short-selling his own bank’s stock”
en.wikipedia.org/wiki/Albert_H._Wiggin
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Thus did the head of the world’s largest bank tender his resignation last week. Albert Henry Wiggin went to Chase National Bank as a vice president & director nearly 29 years ago.
Although Wiggin never did anything illegal, he eventually retired under pressure from the bank after 30 plus years of successful banking. [1] Albert Wiggin died on May 21, 1951, at the age of 83, at his summer home, Field Point Park in Greenwich, Connecticut, after a prolonged illness. [8] [9]
Albert H. Wiggin, head of the Chase National Bank since 1911, announced yesterday his decision to retire from this post as of Jan. 10, the date of the annual meeting of the bank. It is assumed...
- 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
Feb 9, 2021 · Albert H. Wiggin became the face of what would become known as insider trading. The reality is that prior to Wiggin’s actions, insider trading was largely ignored by the U.S. government. But that all changed with the 1933 Securities Act that is known by its nickname, the “Wiggin Act.”.
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Apr 2, 2021 · Wiggin had the prescience to realize the economy was speeding in the wrong direction and no amount of financial bravery could stop its destiny with disaster. To save himself from potential ruin,...
Feb 1, 2023 · Because of Albert Henry Wiggin and his board of directors taking risks and losing the bank’s money the FDIC was created to insure personal accounts up to 250k in case a bank fails. Wiggin’s most infamous moment came in the aftermath of the Great Crash of 1929.
