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To: jluker who wrote (27638)	11/1/1997 7:13:00 PM
From: j g cordes	Read Replies (1) of 58727

Well John and Nemer... I don't agree, the company in this hypothetical case is in the position of not just trading its own shares in an open market but leveraging its unannounced news (which it knows will have a strong market impact). This is the essense of insider trading, isn't it? To trade with a priori knowledge, to trade with a card up your sleeve? Heck, if I were a contractor for IBM and they sent me a bid to investigate the feasability of buying a facility... it would be insider trading for me to act on that knowledge because it wasn't public. In this hypothetical case they're trading on the insider knowledge of 3.5 billion dollars... And John, how can you say that because the tobacco companies have been unethical that other companies acts are acceptable?

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