Two sources familiar with the case told The Crimson last month that Young had to resign because of what one called "ethical problems" detected by Manufacturers. As a result, he lost his Christmas bonus, which he would have earned if he had worked one more day.

And Young acknowledges founding a company, Y & A Holdings, to trade in Latin American debt, including that of the Republic of Colombia.

He will not say how that description differs from the indictment's charge that Y & A existed only as "a vehicle for Daniel Young and others to profit from the Colombian asset and other [less developed country] debt." The district attorney alleges that the creation of the company was an important method Young used to exploit the inside information he gleaned from his work at Manufacturers.

These incomplete answers raise a host of questions about each man's conduct. Many of those questions may be resolved in the courts, but they will continue to be debated at the Business School. "It's kind of questionable and kind of interesting," says one former student of Epstein. "It seems intelligence and ethics don't necessarily go together."

Stephen E. Frank contributed to the reporting of this story.

IT'S the case of one more person from the '80s who got overextended with other people's money.

John H. McArthur dean of the Business School