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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Obama and Congress to try reaching spending-cut deal | 1:08am EDT Japan tackles hydrogen build-up, radiation concerns spread | 12:56am EDT Ouattara forces lay siege to Ivory Coast's Gbagbo | 1:29am EDT Maine legalizing switchblades for one-armed people 06 Apr 2011 Dish expands its scope with Blockbuster win 06 Apr 2011 Discussed 112 U.S. to reach debt limit by May 16: Geithner 78 Stumbling blocks remain in budget fight 71 US Republican budget plan would cut $5.8 trln in 10 yrs Watched Robotic bird takes flight into the future Mon, Apr 4 2011 High price for a government shutdown Wed, Apr 6 2011 Cisco's mea culpa Tue, Apr 5 2011 small business Is social media the elephant in the room? GoDaddy founder Bob Parsons caused a stir when he posted a video of him killing an elephant on Twitter. It's the latest example of the inherent dangers of social media and small businesses should take heed to avoid pulling a "Parsons." Full Article Managing elephant-sized social media blunders The do's and don'ts of securing a domain name 5 signs you need a marketing makeover Greed and technology tempt insider trading culprits Tweet Share this By Jessica Hall NEW YORK (Reuters) - Rooting out one dishonest investment banker amongst the hundreds who sign confidentiality agreements for a merger is virtually impossible despite the checks and balances banks put in place. On Wednesday, U.S.... Email Print Related News Top M&A law firms at center of new insider case Wed, Apr 6 2011 Spanish cajas a "feast" for bankers Wed, Apr 6 2011 S&P hovers near resistance, but volume still weak Tue, Apr 5 2011 Nasdaq index rebalancing slashes Apple's influence Tue, Apr 5 2011 Boards play safe as new M&A cycle begins Mon, Apr 4 2011 Analysis & Opinion Full transcript of Robert Zoellick Newsmaker SEC needs to pull out stops with Buffett’s deputy Related Topics Technology » Stocks A trader works on the floor at the New York Stock Exchange, March 21, 2011. Credit: Reuters/Brendan McDermid By Jessica Hall NEW YORK | Thu Apr 7, 2011 3:12am EDT NEW YORK (Reuters) - Rooting out one dishonest investment banker amongst the hundreds who sign confidentiality agreements for a merger is virtually impossible despite the checks and balances banks put in place. On Wednesday, U.S. federal prosecutors accused two men of running a 17-year conspiracy to trade on corporate merger secrets stolen from three of the nation's most powerful law firms, including venerable Silicon Valley firm Wilson Sonsini Goodrich & Rosati PC. The charges come amid a broad government crackdown on insider trading, including the criminal trial of Galleon Group hedge fund founder Raj Rajaratnam and last month's charges that a U.S. Food and Drug Administration chemist traded on insider information about drug approvals. Questions also have surfaced about David Sokol, a former top deputy to Warren Buffett who quit Berkshire Hathaway Inc last week amid questions over his trading in stock of a company Berkshire later agreed to buy. Despite clear rules governing non-disclosure of inside information, investment bank's large compliance departments, and code words used to conceal merger partners' identities, insider trading cases still continue to happen. "You can't legislate human behavior. People will act as people will do," David Lazarus, senior managing director, co-founder, EdgeRock Realty Advisors, said at the Reuters Global Mergers and Acquisitions Summit in New York. "The greed of humans and the way it's structured in the U.S. is a good thing because it's the way of capitalism, but there's always those people who will go over the line," Lazarus said. In any given merger auction, for example, several hundred people ranging from investment bankers and lawyers to corporate executives and public relations consultants and event planners may know private information that could move the stock market. "You have three advisors with five people teams. Another 10 at the firms who know they're working on it. You have a couple of law firms. Eleven bidders you sent books to. The universe gets to 250 people pretty damn quick. It's very, very hard to manage that kind of information," Lazarus said. "The way info flows these days: computers, emails, fax, texts -- very, very hard to manage these processes in a way that they can stay confidential," Lazarus said. Still, every firm, boss and co-worker needs to be vigilant to make sure sensitive information remains private, bankers said. "When people come to me and say 'Gee, I'm thinking of investing,' or I see someone trade a lot of stocks in my group, my antenna goes up because I don't do it," said Jackson Hsieh, vice chairman of UBS investment banking group. "People start spending in unusual ways, buying certain things, basic stuff, you have to ask questions -- what happened? You married a rich wife? You inherited it?" Hsieh said. "It's a small percentage but it does happen. People do stupid things," Hsieh said. Corporations, banks and law firms have long had rules in place about the disclosure of proprietary information. Compliance departments also oversee the stock trades of employees and ethics training happens for new and existing employees, bankers said. 1 2 Next Technology Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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