“...but how should it be made illegal?...”
Firing squad?
Not about envy.
About what’s right and wrong.
If they don’t want the responsibility that goes with serving, don’t run.
Nothing to do with “information is a right”
Anti-Insider Trading Laws Are About Envy, Not What’s Good for the Country“
This is libertarian bs. Anybody who sells stock knowing, on inside information, that it is going to tank is making a sucker of the buyer
The economist Robert P. Murphy asks what happens to a person who’s ready to buy shares of Acme, but then learns of a bad earnings report before it’s published and so decides not to buy the stock.
“Should this person be prosecuted for insider non-trading?” Murphy quips...
What an absurd argument.
So we shouldn’t enforce the law where we can?
I don’t understand how can they claim insider trading?? Burr’s stock transaction occurred February 13. Here are some headlines from January:
January 14: WHO said there may have been human-to-human transmission of the virus, Reuters reported.
January 15: Li Qun, head of the Chinese Centers for Disease Control and Prevention’s (CDC) emergency center, claims the risk of human-to-human transmission is “low,” the Journal reported.
January 17: After 12 days, the Wuhan Municipal Health Commission started giving daily updates on new cases of the coronavirus.
January 18: Despite the presence of the coronavirus, Wuhan holds a “potluck” banquet for 40,000 families to try and break a world record, The New York Times reported.
January 23: Wuhan is finally locked down, even though about 5 million people had already left the city without being screened by that time.
January 31: President Trump Bans Travel from China, Orders 1st Quarantine in 50 Years
Two weeks later Burr sells his stock. Please explain how there was insider trading involved? I don’t understand.
The reason is that it is dead wrong. I thought the law was equal for all. Anybody else who did this would clearly go to jail.
I won’t even bother to read the article. It is warped and wrong headed. Clearly written without any objectivity at all. The bias in the opening paragraphs weighs heavily. It may as well have been written by the guilty parties.
1 minute delay between trades. This brute Force hacking of the market is baloney. Because we all know that’s what Free enterprise system is based on, sub micro second algorithm trading, right?
The author raises some excellent points here, but the underlying premise is wrong. Laws against insider trading aren’t passed because of envy. They’re aimed at protecting the ability of these companies to publicly trade their shares — because nobody would invest in the stock market if they thought it was rigged against them.
These senators need only explain that they thought the democrats were going to try to crash the stock market before the election. Its not insider news its just an opinion. A very reasonable reason to pull your money. Its not the virus. Its the impeachment, and Bernie that made him pull his money. Remember Bernie was pulling away with it at the time.
At least that is the excuse they should use.
The ruling class should be very afraid of what is coming for them. When the economy collapses people wake up.
So the briefing was on Jan 24.The market rose in price from Jan 24 to Jan 31 when Trump announced the threat and cut off Chinese from flying in. Thus by Feb 1 everyone knew of the existence of the pandemic. Yet the market rose to new higher levels until Feb 20. The decline only started on February 20.The world knew of the pandemic well before then. When exactly did she sell her stock? If they sold the day after the Jan 24 meeting and the market continued to rise through that date and after Trump announced it to the country on Jan 31, it seems to me, there is not a lot of there there. I sold a little of my stock after Trump made the announcement based on his announcement and the stocks continued to rise for 3 weeks after that. I hope I am not investigated
The fix is in. Who plays the market if you have no input on the outcome?
mmmm no. It’s about not screwing people over with knowledge they can’t possibly have.
This article is total tripe, and if the stock market ran that way, without insider trading laws, very few busy hardworking people would be in the market. As such, most companies would be capitalized less, and our economy would be a lot smaller.
Further, you can’t be a ‘producer’ in society, and at the same time have the amount of ‘extra’ time on your hands to compete with day traders and insiders with regards ‘information’ gathering and ‘playing the game’
This coronavirus pandemic is making some things very apparent in the world, including the relative greater importance of truck drivers, warehouse workers, farmers and other food providers, health care workers, and manufacturing facilities and the people who make them work - vs Hollywood, talking heads in the media, know nothing academics, and the majority of those pinheads who populate public office.
Someone please explain how anything the political establishment has done over the past 30 years has made us safer and stronger in the face of crises like the one we are now in? As such, what right do they have to enrich themselves at our expense? There’s no difference between a politician using insider information to enrich themselves vs a drug dealer. None. They are both self-serving selfish mercenaries.
Either it should be legal for everyone or illegal for everyone. Congress should NEVER be exempt from the crap laws that they foist upon us.
Why are outlier loony opinions given such prominent exposure nowadays?