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The Reverse “For Cause” Clause

Courtesy of Marla Singer

A former Pequot Capital Management Inc. employee told his psychologist he was fired after he stopped supplying the hedge fund with insider information, according to a letter that two U.S. Senators sent to the Securities and Exchange Commission.

 

David Zilkha made the remarks about his termination from Pequot to his psychologist, according to a Nov. 18 letter that U.S. Senators Charles Grassley and Arlen Specter sent to SEC Chairman Mary Schapiro. Grassley and Specter said they learned of the admission from a legal transcript that is part of Zilkha’s divorce proceedings.1

The only thing the surprises us is how absolutely brain-dead Pequot would have to be to fire someone on this basis- if that is indeed what came to pass.  What exactly did they think was going to happen after that?

  1. 1.Pequot’s Zilkha Fired After Tips Ended, Senators Say“, Bloomberg, November 19, 2009.

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