Got all of what you say, but a board member can know in considerable advance of events/decisions that affect outcome, despite filing requirements etc. That is the way one has always made serious money on the exchange since its inception. Foreknowledge for shorts or longs.
This is the Obama/Democrat/Communist/Soros firewall. 6-7 weeks out from the election and the market is up. Profits are up. Etc., etc.
2008 tanked. 6 weeks out. Same groups.