- Michael Lissack
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Michael Lissack is a realtor and business consultant in Naples, Florida,[1] who was formerly a managing director in the municipal bond department at Smith Barney. He is notable as the whistleblower who exposed a yield burning scandal in the 1990s, whereby financial firms made illegal profits from restructuring municipal bonds.[2] Lissack left the securities industry in 1998 after being banned from the industry for five years by the U.S. Securities and Exchange Commission. Lissack is a director of the Institute for the Study of Coherence and Emergence.
Contents
Yield burning scandal
See also: Yield burningIn 1994 Lissack exposed a major yield burning scandal on Wall Street.[2] The issue was eventually settled by a number of firms for over $200 million,[3] to which Lissack was entitled to at least 15% per federal whistleblower laws. Lissack used some of these funds for charitable purposes including endowing a professorship in Social Responsibility and Personal Ethics at his alma mater Williams College.[4]
In February 1998, Lissack entered into a voluntary agreement with the U.S. Securities and Exchange Commission whereby he was banned from the securities industry for five years and paid a $30,000 fine,[5] as part of an arrangement by Lissack's legal team for Lissack to be on record as taking some responsiblity for the scandal.[6] Later that year Lissack was charged by the Manhattan District Attorney's office with making online solicitations for people to harass executives of his former employer, Salmon Smith Barney, by calling them at company headquarters and in some instances their homes.[7] He pled guilty to second degree harassment and acknowledged he sent phony and harassing e-mail to Salomon Smith Barney employees.[8][9][10] His plea did not result in a fine or incarceration.
Lissack's allegations against Sakura bank [11] have subsequently been repeated during the 2008 to present period by the US Government against Bank America, UBS, and JPMorgan [12]
Later career
After his departure from the securities industry, Lissack received a doctor of business administration degree from Henley Management College in the United Kingdom. Lissack is a director of the Institute for the Study of Coherence and Emergence. Worth Magazine described Lissack as one of "Wall Street's 25 Smartest Players" in 1999[13] [14] and as one of the 100 Americans who have most influenced "how we think about money" in 2001.[15]
Lissack was a candidate for county commissioner in Collier County, Florida in 2002 and in 2006.[16] He briefly taught business and public policy at the Central European University.[17] [18] Lissack is also a Trustee of the American Society for Cybernetics.[19]From 1999 to 2004, Lissack served as the editor-in-chief of Emergence: A Journal of Complexity Issues in Organizations and Management now known as E:CO.[20]
References
- ^ Michael Lissack fights back, files a countersuit against Bonita Bay Group. Naples Daily News, February 10, 2010
- ^ a b Accuser in the Muni Bond Industry, New York Times, March 3rd, 1995
- ^ UPDATE/MICHAEL R. LISSACK; Wall Street Expatriate, New York Times, April 14th, 2002
- ^ http://www.iberkshires.com/story/35532/Four-Professors-at-Williams-College-Receive-Named-Chairs.html
- ^ http://www.sec.gov/litigation/admin/34-39687.htm
- ^ Giantkillers: The Team and the Law That Help Whistle-Blowers Recover America By Henry Scammell
- ^ "Ex-Investment Banker Charged". The New York Times. 1 August 1998. http://www.nytimes.com/1998/08/01/business/ex-investment-banker-charged.html.
- ^ "Salomon Accuser Admits E-Mail Harassment Guilt". Daily News (New York). 16 September 1998. http://www.nydailynews.com/archives/money/1998/09/16/1998-09-16_salomon_accuser_admits_e-mai.html.
- ^ http://www.highbeam.com/doc/1G1-53014225.html
- ^ Giantkillers: The Team and the Law That Help Whistle-Blowers Recover America By Henry Scammell
- ^ http://caselaw.findlaw.com/us-2nd-circuit/1380058.html
- ^ The Wall Street Journal. http://professional.wsj.com/article/BT-CO-20110707-709842.html.
- ^ http://www.sciencedirect.com/science/article/pii/S0024630100000935
- ^ Worth Magazine, October 1999
- ^ Worth Magazine, October 2001
- ^ http://www.naplesnews.com/news/2006/mar/05/brent_batten_lissacks_county_not_candidacy_imagina/
- ^ http://www.anecdote.com.au/archives/2005/11/welcome_to_the.html
- ^ http://technorati.com/people/lissack
- ^ http://www.asc-cybernetics.org/2011/?page_id=432
- ^ http://emergentpublications.com/ECO/about_eco.aspx
Further reading
- Scammell, Henry (2005). Giantkillers: The Team and the Law That Help Whistle-Blowers Recover America's Stolen Billions. Grove Press. pp. 320. ISBN 0802141889, 9780802141880. http://books.google.com/books?id=zqOAGGY8sKoC.
Categories:- Living people
- American business executives
- American whistleblowers
- Complex systems theory
- Systems scientists
- Systems science
- Systems theory
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