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2016-05-06T00:00:00.000Z

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Wrong Joseph Jett?

Mr. Joseph Jett

Managing Partner

Jett Capital Mgmt

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Company Description

Jett Capital Management is a well respected investment management company. Our business is serving the needs of investors demanding superior performance, low fees and exceptional service. Our clients include endowments, trusts and corporations, as well as ... more

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Background Information

Employment History

Managing Partner

Jett Capital Management LLC

Chairman

Kidder , Peabody & Co.

Education

M.I.T.

Harvard MBA

M.B.A. degree

Harvard Business School

MIT undergraduate degree

bachelors Degree

chemical engineering

Massachusetts Institute of Technology

bright Harvard graduate

Wall Street firm

Kidder Peabody

master's degree

chemical engineering

Massachusetts Institute of Technology

Web References (192 Total References)


Investment Banking Boutique, Private Equity, Hedge Funds Access to Sovereign Wealth Funds, Joseph Jett

www.jettcapital.net [cached]

The Official Blog of Joseph Jett

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During his years on Wall Street our Managing Partner, Joseph Jett, worked closely with the government of Poland to help that new democracy obtain access to the credit markets. Jett was lauded by the Head of the Bank of Japan, who commented upon meeting Jett, "You are Samurai!"
In 2009, Jett worked with Credit Suisse in discussions with Jamaican Finance Minister Audley Shaw to move Jamaica's currency reserves to Gold from the US Dollar at a time when Gold was trading at under $700/oz.


Serious Play « Isegoria

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In 1991, Kidder hired Joseph Jett to arbitrage treasury bonds and STRIPS (separate trading of registered interest and principal of securities, i.e., bonds stripped of their coupon payments). Such arbitrage is theoretically a riskless transaction and would thus not need to be tracked by Kidder's standard market and credit risk management systems. The firm relied on a computerized expert system that allowed traders to model and simulate their trades in accordance with software rules about valuing such transactions in the bond market. The software also automatically updated the firm's inventory, position, and profit-and-loss (P&L) statement. In keeping with market conventions, the system valued the STRIPS lower than their associated bonds. This difference was reflected in the firm's P&L statement, which was also the basis for assessing trader bonuses. By entering into forward transaction on the synthetic STRIPS, Jett was able to defer when the actual losses were recognized on the P&L statement by taking up still larger positions in STRIPS and then digitally reconstituting synthetic STRIPS already in the system.

In 1993 Jett enjoyed STRIPS profits in excess of $150 million; he received a $12-million bonus and the chairman's "Man of the Year" award. By March 1994, when Jett's positions included $47 billion worth of STRIPS and $42 billion worth of reconstituted STRIPS, Kidder management decided to figure out Jett's secret. A month later, the firm announced that Jett had falsely inflated his profits in excess of $350 million. He was fired and sued for fraud.


Romney Private Equity Tax Deduction Questionable

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The Official Blog of Joseph Jett

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In the interest of the Private Equity sector, perhaps Mitt Romney should simply release his taxes before progressive leaders in states like New York make tax avoidance a crime. It is reported that Romney took a apparently completely legal deduction of hundreds of thousands of dollars in Private Equity partnership interest and expenses.
The big risk for Romney is his assertion that he is not an active participant in Bain Management and, if so, may not properly be able to claim said deductions.
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Visit our YouTube channel to watch Joseph Jett - Mitt Romney Tax Issues Bring Subpoenas of Private Equity Firms and our other video content.
Join Joseph Jett on LinkedIn or follow us on Twitter or on The Official Blog of Joseph Jett.


Joseph Jett Author Black and White on Wall Street

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In Black and White on Wall Street, Joseph Jett describes the combative environment of a Wall Street trading floor, where the driving forces are greed and competition, whatever the cost. For Jett, the price was his career, his reputation and the distinction of being a Wall Street pariah. Like James Stewart's Den of Thieves, Black and White on Wall Street reveals not only the excitement of the game but the Street's own brand of corruption as well. Its power-hungry, wildly rich players have their own set of rules, and though Jett got caught in the crossfire, he isn't going down quietly.
Black and White on Wall Street
In 1994, Joseph Jett found himself at the center of one of the biggest Wall Street stories of the decade. Just months after naming him "Man of the Year" for heading a phenomenally successful bond-trading team, Kidder, Peabody & Co. accused him of recording $350 million in phony profits and taking more than $8 million in bogus bonuses.
Jett was forced out of his job and charged with masterminding one of Wall Street's largest securities scams in a scandal athat was played out in newspaper headlines and television broadcasts for months. Jett's career was crushed in an onslaught of accusations from one of the most powerful corporations in America, Kidder's parent company, General Electric. His family, his childhood and his personal life became fodder for countless lurid media stories.
Since then, Joseph Jett has fought to clear his name, and now, for the first time, he tells his own story, a story replete with the breathless pace of Greed and Glory on Wall Street and the riveting detail of Barbarians at the Gate. At the heart of Kidder's accusations were claims that Jett was a "rogue trader" who had acted entirely alone. In this book, Jett shows that his managers were fully aware of his trading strategy and, in fact, approved of it. Yet Kidder systematically made Jett a scapegoat for the firm's internal failures, which ultimately forced General Electric to sell Kidder to Paine Webber to avoid further losses. But by then Jett was unemployed, his assets were frozen and his name was synonymous with Wall Street fraud.
Joseph Jett reveals that in the Kidder power wars and the scramble to lay blame, racism was a tool often wielded against him as one of a mere handful of senior black traders working on overwhelmingly white Wall Street. He describes near-constant manipulation of his careeer and accusations against him that hinged on a surreal fear of his contact with white women at Kidder. He tells of a universe gone morally awry, run by old-world standards that exclude anyone who differs from the status quo. Jett also walks readers through the investigations, arbitration panel and hearings that delved into the scandal, demonstrating his innocence and showing how the SEC, the National Association of Securities Dealers and the Justice Department all dismissed Kidder's and GE's charges of fraud.


Joseph Jett, Jett Capital Offers Cutting Edge Trading Strategies, Off-Balance Sheet Financing, Special Purpose Vehicles, Collateralized Debt

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The Official Blog of Joseph Jett

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For 20 years, Joseph Jett has been at the cutting edge of finance. Fifteen years ago, Jett pioneered the use of off-balance sheet financing to improve corporate performance. This strategy is now a key component of corporate financial strategy at all of the Fortune 500. Jett managed $36 Billion dollars at GE subsidiary, Kidder Peabody; Jett effectively controlled over 12% of the assets of the largest corporation in the free world.
Joseph Jett with PBS Host Tavis Smiley from Crossing the Line with Jackie Mason and Raoul Felder
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Jett advised the use of one of the first Collaterized Debt Obligation structures in the late 1990's.
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Jett moved out of oil prior to the Amaranth debacle.

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