Jett, Joseph (1958–)

JOSEPH JETT WAS dismissed by the prestigious Wall Street firm Kidder Peabody in April 1994, accused of fraudulently booking $339 million in phony profits on bond trades in his position at the Kidder bond desk. With so many cases of rogue traders bringing down financial institutions, both on Wall Street and internationally, it was not hard to believe that the case of Jett at Kidder Peabody fit into the familiar pattern.

But Jett and some former colleagues insist that his case was different. In fact, they say, Jett, one of the few African-American traders on Wall Street, was being used as a scapegoat for larger problems at Kidder. They point out that Jett's superiors were aware of his trades, strategies, and profits, and not only allowed ...