Insider trading is a legal term, and is not always illegal. This issue is more about the election of public versus private status (another legal issue) and the

Insider trading is a legal term, and is not always illegal. This issue is more about the election of public versus private status (another legal issue) and the rules about who can invest in various forms of private investment (yet another legal issue). It would be nice if we could ever get to discuss the economic issues of information and efficiency as it relates to investing, but the amount of heat around these issues these days prevents a lot of calculated reasoning about what is best for our economy.