|
 |
 |
SYS-CON.TV Webcasts
Comments
Did you read today's front page stories & breaking news?
SYS-CON.TV
|
Top Links You Must Click On
Industry News Ruiz Out in Insider Trading Scandal
He has not been charged and wasn’t even identified in the government’s indictments
By: Maureen O'Gara
Nov. 2, 2009 03:45 PM
Virtualization Magazine on Ulitzer Former AMD CEO Hector Ruiz, the guy who spun out AMD's plants into a joint venture with the government of Abu Dhabi and then became chairman of that company when it was formed in March, has stepped down after being identified as one of the tipsters leaking material inside information to hedge funds that traded on it. The scandal has also cost Robert Moffat, the head of IBM servers and chips and a supposed heir presumptive to IBM CEO Sam Palmisano, his job. Moffat was arrested October 16 on charges of conspiracy to commit securities fraud on the basis of government wire taps and IBM severed its ties with him last Friday.
Ruiz, on the other hand, has not been charged and wasn't even identified in the government's indictments. The board of GlobalFoundaries, the AMD joint venture, said this morning that Ruiz is immediately taking a voluntary leave of absence and will resign from the company in January. It said he submitted his resignation in September with an effective date of January 4. The company's statement made no mention of his role in the government's case. Apparently Ruiz anticipated being publicly outed as the unnamed "AMD executive" talked about in court documents as allegedly divulging the secret details of the AMD spinout to Danielle Chiesi, a portfolio manager at New Castle Funds and confidant of Moffat too. The Wall Street Journal made the connection last week. The government says that Chiesi and Raj Rajaratnam, head of the Galleon Group, bought shares in AMD based on Ruiz' tips. They also got inside information on AMD from Moffat, who was acquainted with the details of the GlobalFoundaries deal because IBM had to license its chip technology to the venture. Moffat, however, also allegedly told Chiesi all about the financial results of IBM and Sun ahead of either company reporting their quarters. Moffat got Sun's numbers from IBM's due diligence when Big Blue was thinking of acquiring Sun. Ruiz will be replaced on an interim basis by former Broadcom CEO and GlobalFoundries board member Lanny Ross.
Reader Feedback: Page 1 of 1
Enterprise Open Source Magazine Latest Stories . . .
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
|
SYS-CON Featured Whitepapers
Most Read This Week |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
| | | | | | | | |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| SYS-CON MEDIA: | | | | |
| SYS-CON EVENTS: | | | | | |
| INTERNATIONAL SITES: | | | | | | | | | | |
 |
Terms of Use & Our Privacy Statement  About Newsfeeds / Video Feeds |
| Copyright ©1994-2008 SYS-CON Publications, Inc. All Rights Reserved. All marks are trademarks of SYS-CON Media. |
| Reproduction in whole or in part in any form or medium without express written permission of SYS-CON Publications, Inc. is prohibited. |
.gif)
About 10 years ago, a quiet bunch of IT revolutionaries, tired of expensive, complicated operating systems and the resources needed to support them, created a new breed of network management software and network monitoring systems. Pioneers like Solarwinds, Groundwork, Zoho (Adventnet)...
These days the popularity of Ext JS (a JavaScript library) is gaining momentum. One of the most popular widgets within Ext JS is the DataGrid. The reason – displaying data from a database is one of the most common tasks of a web application. “Out of the box” the DataGrid has functional...
PrismTech is joining forces with Nextel Engineering Systems to deliver much-needed, highly-reliable and Real-Time data management solutions. As part of its software and services offerings, Nextel Engineering will now deliver and support PrismTech’s best-in-class suite of middleware pro...
WS-BPEL 2.0 is the dominant specification to standardize orchestration logic and process automation between Web services. The BPEL model is used to assemble a set of discrete, essentially disparate, services into an end-to-end process flow to transform the existing stateless and uncorr...
Cloud computing is a game changer. The cloud is disrupting traditional software and hardware business models by disrupting how IT service gets delivered. Entrepreneurial opportunities abound as this classic disruptive technology begins to proliferate, so it is no surprise that SYS-CON'...
The newest release of Open-Xchange builds on a consistent theme as its delivers more integration with other webmail programs like Gmail, as well as the ability to incorporate contact information – the latest includes the Yahoo address book. Open-Xchange today announced enhancements tha...
