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Three PaineWebber Executives Disciplined for “Jokes″

July 18, 1995

NEW YORK (AP) _ Inappropriate ``jokes″ told at a company dinner prompted PaineWebber Group Inc. to oust two senior brokerage executives and demote a third, the Wall Street firm said Tuesday.

The two executives forced out told the off-color and offensive jokes during a May company dinner at Manhattan’s posh ``21″ Club, PaineWebber said through a spokeswoman.

The third executive, the senior official at the dinner, did not intervene when the jokes were told, spokeswoman Susan Thompson said. Clarence Catallo, 55, one of PaineWebber’s top five brokerage officials, was demoted to an unspecified position.

Michael Millard, 40, and Paul Maggio, 48, were forced to resign in the wake of the incident, she said, declining to elaborate.

Millard was a regional brokerage director, while Maggio was head of PaineWebber’s national collections department. Complaints about their comments came from other company employees at the dinner, the spokeswoman said.

The disciplinary action ``sends a message that this kind of behavior is unacceptable at PaineWebber,″ said Herbert Janick, general counsel of PaineWebber’s private-client group, in Tuesday’s Wall Street Journal.

The Journal first reported the action.

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