- 4 -
were not tradable on a stock exchange.2 As one of only two such
specialists at Goldman, Sachs & Co., Mark had attained a high-
profile position in the firm that led to higher bonuses and
overall compensation. In 1981, his annual gross income amounted
to $129,962, due almost entirely to bonuses.
Beginning in 1980, Mark's behavior in the workplace became
increasingly erratic because of cocaine and marijuana
consumption. In 1981, in order to minimize the obviousness of
his frequent drug-abuse-related absenteeism, Mark transferred to
the less demanding position of "sales trader coverer", as part of
a 10-person group buying and selling large blocks of stock on the
exchanges. Mark also began to lie to his coworkers and to Marla
about his activities and his absences. In one such absence in
1982, Mark visited Harrah's Casino in Atlantic City by himself,
ostensibly to gamble. Instead, he stayed in his hotel room,
using drugs. On a number of occasions, Mark called Marla from
work to say that he was having dinner with clients. He would
then not call again until 3 or 4 a.m. the next morning to say
that he would not be home at all. At other times, having come
home late at night, Mark would have trouble getting up in the
2Also known as "letter stock", so named because the
Securities Exchange Commission rules require the purchaser of
such stock, which is not registered with the SEC, and thus may
not be traded on any stock exchanges, to file a letter with the
SEC affirming that it is held for investment and not resale.
Downes & Goodman, Dictionary of Fin. & Investment Terms 228 (3d
ed. 1991).
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