You don't get it, Pete. First of all, my message had only to do with the scenario which Druss posted. It had nothing to do with the scambusting that Auric, Tony, or any of the other folks on SI or elsewhere do.
Second, one need not be an employee of a company to trade illegally on inside information. A janitor cleaning the offices of a large firm may be an employee of a sanitation company that has a contract with the building management company - and otherwise, nothing to do with the company whose garbage pails he empties - but if he trades off of information he pieces together from shreddings, for example...it is illegal, and he can be charged and prosecuted.
Finally, and tied into your erroneous assertion that my message had anything at all do with anything outside of Druss' mining example: the information which the fraudbusters on SI and elsewhere use is public, on websites, buried in SEC filings, and the like; these aren't going through garbage cans (at least not literally!) or secretly eavesdropping on phone calls, LOL. They also base many of their assessments on personal experience, which has nothing at all to do with insider trading.
They do the work and make it public. Nothing wrong with that, in any way! Unless, of course, the information gathered was privileged as met by the nonpublic and material information guidelines - in which case, trading on the information, before or after publishing it, could very well be illegal. That's it.
LPS5 |
