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Spreadsheets sang to him; he carried three-ring binders stuffed with data about the business. But in 2002 he met a hedge fund analyst who found what he did insanely alluring.

Danielle Chiesi, a former teenage beauty queen, was a woman for whom business information was the ticket to gratification.

Sex was part of the picture, to be sure, but the dangerous elixir that really bound these people to one another was information.

It enriched some of them, it thrilled all of them, and it eventually ruined their careers.

Trading business information, Chiesi would say, was “like an orgasm.” The late Jerry York, IBM’s legendary former CFO and one of the great turnaround artists in American business, had an indelible memory of working with Moffat when Moffat was just a second-tier finance guy at the company’s personal computer division.

“He was highly regarded and considered to be a real comer,” York told last spring, days before he died suddenly of a brain hemorrhage.

Kenneth Hammer, a former IBM attorney who had worked with Moffat, recalled his reaction on hearing of the arrest: “There was no planet on which I could have understood what was being said about Bob.

But Kurland wouldn’t leave his wife and ultimately renounced Chiesi.

So far, 11 of 21 people charged have pleaded guilty.

While the scandal seemed to many people a confirmation of all they’ve suspected is wrong with Wall Street and the hedge fund industry, Moffat’s arrest was utterly shocking to the people who knew him. He was a confidant of IBM CEO Samuel Palmisano and widely considered a candidate to succeed him.

Among those caught in the federal bust were a Mc Kinsey & Co.

director, a high-level Intel (intc) executive, and the head of New Castle Partners, a hedge fund that was once part of Bear Stearns.

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