Never having had any position in any of the stocks in which Mr. Rajaratnam was trading, I don’t see how he cheated me. Even for those who did have such positions, I don’t see how they were cheated. If they sold their shares in market transactions, they did so voluntarily without any prompting or misrepresentation from him. If they didn’t sell their shares, there was no harm at all.
Most fundamentally, why is a level playing field economically important or even desirable? Trading in stocks is by definition a zero sum game where one trader’s gain reflects another’s loss or foregone gain, but has no effect on the aggregate capital stock or output of society.
‘Enforcement 40’ for 2020
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