Note: The Skinny blog is written by Rick Smith, editor and co-founder of Local Tech Wire and business editor of WRAL.com.

RESEARCH TRIANGLE PARK, N.C. – The fall of the high and mighty – in this case, IBM CEO-in-waiting Robert Moffat – is spelled out in tantalizing detail by Fortune magazine.

Moffat, who once lived in Raleigh and oversaw IBM’s PC division largely based in the Triangle that he later engineered the sale of to Lenovo, became ensnared in Wall Street’s largest hedge fund insider trading case (to date, anyway).

Now, Fortune spells out many of the behind-the-scene details of Moffat’s IBM career-ending liaison with former beauty queen Danielle Chiesi.

“Dangerous liaisons at IBM: Inside the biggest hedge fund insider-trading ring,” reads the Fortune headline with James Bandler and Doris Burke providing the reporting.

"The biggest thing I’ve lost," Moffat told Fortune "is my reputation."

Fortune told Moffat that it “intended to write about the affair” with Chiesi. His respone:

"Everyone wants to make this about sex. Danielle had an extensive network of business people. And she added clarity about what was going on in the business world…I know in my heart what this relationship was about: clarity in the business environment."

Moffat pled guilty to one charge

"I disclosed this information in this case intentionally and I knew that what I was doing was wrong," he told the court.

The case broke last october, and IBM placed Moffat on leave. He told Fortune he decided to resign.

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