Here is what I don’t get. After he found out this insider information, what was he supposed to do...hold on to the shares and lose the money?
Insider trading laws are stupid. People should have the right to trade with whatever info they have.
Let the markets be free.
“Insider trading laws are stupid. People should have the right to trade with whatever info they have.”
Bravo! It is possible to “cheat” the stock market, of course (bridge financing for a B.S. company, for instance). I just don’t see insider trading as it.
Let the markets be free.
That’s pretty convoluted under these circumstances. The point of the laws are to protect the integrity of the market. He allegedly had information that was not available to the public. He acted upon it, and some sucker(s) who didn’t have the information bought his shares and lost money. How long do you think the equity markrts would last if people in the know could utilize their knowledge to screw those who didn’t.
If he’s guilty, he should go to jail. I bet his cocky lawyers are already trying to reach a deal with the government.