American Security transferred stock to us, and we sold it and invested
the proceeds in other securities; it was when that stock started coming
in that I found out our SEI system was not programmed to accept data on
market and book values of assets.
4: Paragraph 7 It was also when I had my first of many run-ins with
Clark, because after I told Hutton's trading desk to invest the proceeds
in the non-Hutton securities Butler had chosen to avoid a conflict of
interests, Clark told me he had decided to invest in other, Hutton funds
that paid him a commission. Abbes ordered me to bust our trades and
honor Clark's orders, and I did; Butler was unhappy about it, but he was
a lame duck.
4: Paragraph 8 Clark was one of the most obnoxious people I've ever
met, and that was his reputation throughout Hutton. One AE who was,
like Clark, such a big-volume salesman he was invited to the prestigious
annual national meetings/blow-outs Hutton threw for its "Blue Chip" AEs,
told me he had met Clark when he roomed with him at one of those
conventions: The AE who was assigned to be Clark's roomie didn't want
to be in with him, and this guy, who didn't know Clark but figured he
could get along with anybody for a few days, agreed to swap room
assignments. He told me that he hadn't believed anybody could be as
obnoxious as Clark, and he was disappointed in himself to find out much
and how soon Clark got on his nerves.
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