4 ms·

So you're saying insider trading is a well understood and highly prosecuted crime? I'd love to believe that, but I'm wildly skeptical that financial crimes (in

So you're saying insider trading is a well understood and highly prosecuted crime? I'd love to believe that, but I'm wildly skeptical that financial crimes (including insider trading) aren't incredibly pervasive in our society. In fact, I'd bet good money the overwhelming majority of people get away with it - of course there's no way to prove that because nobody wants to fess up to a crime they got away with.

AndrewBissell 6y ago
When they're motivated to turn the eye of Sauron toward you the Feds can be very hard to evade. This can happen in a lot of ways. Whether you got a tip from a family friend or you knew what trades to make in advance of some fake rumors on Twitter (because you planted them), if you turn $5,000 into $250,000 with some perfectly timed options trades around a news event in an individual stock you will show up on their radar. Of course, insider trading among well connected hedge fund managers and our unaccountable financial elite is indeed pervasive and goes by without being prosecuted all the time, but it's fair to assume yesterday's hackers aren't in this protected class.
- ZachPruckowski 6y ago
  >Of course, insider trading among well connected hedge fund managers and our unaccountable financial elite is indeed pervasive and goes by without being prosecuted all the time And a lot of those non-prosecutions involve either (a) civil fines, (b) the compliance department censuring or firing the relevant employee, or (c) the Feds backing down from a fight with a big white shoe defense firm. None of that applies to these Twitter hackers.
MaximumYComb 6y ago
I'd bet it's just like drink driving. A significant minority do it despite the heavy penalities it brings. I don't know about women but I'd wager between 10-25% of men drink drive semi-regularly.

4 ms·

So you're saying insider trading is a well understood and highly prosecuted crime? I'd love to believe that, but I'm wildly skeptical that financial crimes (in

by Judgmentality 6y ago

AndrewBissell 6y ago
When they're motivated to turn the eye of Sauron toward you the Feds can be very hard to evade. This can happen in a lot of ways. Whether you got a tip from a family friend or you knew what trades to make in advance of some fake rumors on Twitter (because you planted them), if you turn $5,000 into $250,000 with some perfectly timed options trades around a news event in an individual stock you will show up on their radar. Of course, insider trading among well connected hedge fund managers and our unaccountable financial elite is indeed pervasive and goes by without being prosecuted all the time, but it's fair to assume yesterday's hackers aren't in this protected class.
- ZachPruckowski 6y ago
  >Of course, insider trading among well connected hedge fund managers and our unaccountable financial elite is indeed pervasive and goes by without being prosecuted all the time And a lot of those non-prosecutions involve either (a) civil fines, (b) the compliance department censuring or firing the relevant employee, or (c) the Feds backing down from a fight with a big white shoe defense firm. None of that applies to these Twitter hackers.
MaximumYComb 6y ago
I'd bet it's just like drink driving. A significant minority do it despite the heavy penalities it brings. I don't know about women but I'd wager between 10-25% of men drink drive semi-regularly.