2 ms·
2 points about this leaped out at me: Firstly: "Sweeping insider trading probe" that involves "multiple insider-trading rings" which "reaped illegal profits t
by rajat 16y ago
2 points about this leaped out at me:
Firstly:
"Sweeping insider trading probe" that involves "multiple insider-trading rings" which "reaped illegal profits totaling tens of millions of dollars..." That's it? Sweeping obviously does not apply to the actual trades since tens of millions of dollars involves a couple of seconds of trades. Given the size of our securities markets, this is not even peanuts in scale. "Pervasive insider trading networks" would have to involve at least a significant percentage of a billion dollars, if not multiple billion dollars.
I'm not arguing about the illegality or the ethics of this; just the characterization of this being so incredibly important.
Secondly:
When discussing whether insider trading should be illegal or not, keep in mind that the U.S. Congress has thoughtfully exempted themselves from insider trading rules. Ethics, like taxes, is only for the little people.