The post sounds as if this was the sole information upon which she made the decision to trade, and if that's the case, this is a tempest in a teapot, IMHO. How the hell, before the stock takes a plunge, is she supposed to interpret "Peter Bacanovic thinks ImClone is going to start trading downward" as an insider tip as opposed to a broker's honest judgment?? After the price dropped, it would be obvious, or at least suspicious, but if she traded on information she reasonably believed to be legitimate, there should be no criminal charges (though she should probably disgorge the gains, since they were in fact illegitimate).