Top Trader on Wall Street, traded $30B per day
Kidder Peabody (Part of General Electric)
A graduate of MIT and Harvard, Joseph Jett became the number one trader on all of Wall Street in the early 90s, trading ~$30B per day. In January 1994, he was named "Man of the Year" on Wall Street. But less than 90 days later he was under indictment review. Jett's assets were frozen, his reputation was smeared and career destroyed.
It would take him 12 years to largely clear his name. While he won his freedom, he never was a major player on Wall Street again, missing some of the biggest wealth booms in history in the 90s and early 2000s in what would have been his prime.
Wall Street Lynching
Falsely accused of bilking millions, a Black bond trader talks about the frat-boy culture of high finance.
Wall Street bond trader Joseph Jett talked about his book Black and White on Wall Street: The Untold Story of the Man Wrongly Accused of Bringing Down Kidder Peabody, published by William Morrow.
Mr. Jett explained how he was falsely accused of setting up a $350 million securities fraud while working at Kidder Peabody.