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That's not really what's implied in this article though. The term "insider trading" means something specific which is being inside a company. For Congress or ex
by tootie 4y ago
That's not really what's implied in this article though. The term "insider trading" means something specific which is being inside a company. For Congress or executive branch employees that would accessing data that would typically be in an SEC filing before it's public. This is also not "self-dealing" which means appropriating official funds for your own purposes.
Reading intelligence reports and selling mutual funds isn't the same thing. Not just on technicality but because there's no room for corruption. Insider corporate information can be exploited against people or even engineered to create opportunities. COVID was going to happen no matter what. And really COVID data wasn't really secret. Congress was having it shoved in their faces but the WHO and CDC were ringing bells in public disclosures for anyone savvy enough to understand.
It's unsavory but it's not really a threat. At least not most of the examples listed in this article. There is likely some genuine corruption going on too. The SC just gave Ted Cruz (and everyone else) a pass to self-deal from his campaign fund.
- boxed 4y ago> The term "insider trading" means something specific which is being inside a company. I don't think it does. You can hear overhear information from someone in a bar and that is still insider trading. That's how I remember my training from working in fintech at least.
- tootie 4y agoYes, that's correct you don't need to be an insider yourself only having knowingly received information from an insider. But either way it refers only to companies. Having access to scientific observations is fair game. Legally speaking at least.