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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Scumbria who wrote (134083)	3/5/2001 9:56:30 PM
From: hmaly	Read Replies (1) \| Respond to of 1576909

Scumbria,,, It is quite illegal to trade based on non-public information, except under very controlled circumstances. <<<<<< Those very controlled circumstances aren't very controlled. Clarification of Scope of Insider Trading Prohibitions The proposals also address two unsettled issues in insider trading law: "Use/possession" issue: Under current law, courts have split on the issue whether insider trading liability requires trading while in "knowing possession" of material nonpublic information, or proof that the trader "used" the information in trading. To clarify and strengthen the law, the Commission is proposing a new rule to address this issue. This proposed rule states the general principal that insider trading liability arises when a person trades while "aware" of material nonpublic information, but it also provides several exceptions to liability. In these situations, where a trade resulted from a pre-existing plan, contract, or instruction that was made in good faith, it will be clear that the person did not use the inside information. We believe that this approach will provide greater clarity and certainty than exists under current law. http://www.sec.gov/news/extra/sdiscfaq.htm << All a person needs to trade inside information is a pre-existing plan, contract or instruction that was made in good faith to trade using inside information. How hard is that? A dime store attorney could get most people off with that big of a hole in the law. PS I noticed Cheney suffered another heart problem. What happens if Dick has to resign. Who becomes the new president' or does GW automatically become a sole president.