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Brett Cenkus
Traders Magazine Online News

President Trump Won't Kill America, Bitcoin Will

In this blog, the author examines how the global cryptocurrency adds one more piece of the pie to a radical shift in the structure of worldwide governance.

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May 26, 2005

Expenses Scandal Rocks Boston

By Gregory Bresiger

Many pros in Boston's clubby trading community are playing it safe with travel and entertainment expenses. "You can't even give away tickets to a Red Sox game anymore," one Beantown pro told Traders Magazine. He said Boston based buyside and sellside firms are on alert since the SEC began investigating golf outings arranged by one Wall Street dealer for Fidelity trader Scott DeSano. Indeed, the regulators have been penalizing extravagant gift giving. For decades, the NASD has imposed a cap. The limit is now $100. "Unfortunately," says the same pro, "if a buyside client is lavishly wined and dined by a sellside pro, the expectation is that he routes his orders to the sellsider's desk."