Inside Info Discussed Outside is a Big Deal... killer

Careless talk costs dollars. That’s the lesson from a case heard last week by one of France’s financial regulators.

Lazard Ltd. dealmaker Vincent Le Stradic spent two and a half hours aboard a Eurostar train from London to Paris in 2014 working on a $15 billion takeover bid by Iliad SA for T-Mobile US Inc.

He was oblivious to the fact that the casually dressed man sitting next to him was Alexandre Zaluski, a UBS Group AG banker, who passed the information to a colleague, ultimately resulting in the bank pitching to Iliad to help finance the deal...

It’s an open secret in the media industry that some of the best scoops can be picked up by eavesdropping in lawyers and banker hangouts, from London’s Ye Olde Cheshire Cheese and Michael’s in Midtown Manhattan to Hong Kong’s Captain’s Bar and Mumbai’s Willingdon Sports Club. more

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