Asif Butt, a former CSFB compliance officer, stands accused of imparting at least 19 bits of price-sensitive information to others in order to make a killing.
Southwark Crown Court heard claims last week that Butt used his position at CSFB to provide information on a number of deals, allegedly including the Royal Bank of Scotland takeover of NatWest. Butt worked for the investment bank for over three years until January 2002, when he was dismissed. CSFB has not been accused of any wrongdoing.
Butt protests his innocence. The case continues.
And whilst on the subject of butts, The Times 'City Diary' had a mucky story last week. Apparently a group of up to 20 men have been using a public toilet in Cabot Square at lunchtimes. We'll leave it to you to work out what they were thought to be doing. And, it seems, they were not even deterred by the CCTV cameras, which were said to be watching their every move.
The toilet, said to be near two unnamed investment banks, has now been closed down. The police are believed to have been informed about the little gatherings. Recruiters say that getting caught doing a George Michael will not look good on your cv!