Insider trading laws are in need of serious revamp. I don't see why someone should be forced not to use their knowledge for gains in the market. On the other hand, I don't have an objection to laws against selectively passing on knowledge.
I'm dumbfounded to read this. Positively incredible.
The securities markets are built on an attempt, at least here in the US, to level the playing field. When insiders, for money or future advantage, or favors, or whatever, pass on material non-public information to those with whom they hope to do business or want to for whatever reason bestow a favor, the recipient of such information has a huge and unfair advantage over investors who do not have the advantage gained from having such information.
In the US, we put people who do this, even the Martha Stewarts and Ivan Boeskys of the world, in jail.
The potential for fraud and corruption is unbelievable. The honesty of the securities markets, always questionable, is utterly dependent on enforcement of prohibitions against the use of insider information to make a criminal profit.
What do you know about insider trading laws in the US? Not much, I gather. They are very well drafted; they do not prevent an individual with acumen or experience or good investment judgment from using these qualities in pursuit of a profit. They absolutely, positively do not need to be revamped. We are a model for the world in this respect. |
