Under standard rhetoric, the public is somehow cheated by [insider trading], but the standard rhetoric is nonsense. The public isn’t damaged because another party wants to sell or buy (and most hedge funds strive to make sure their trading doesn’t affect prices anyway). But a cynic might note one thing: Insider-trading law provides a bottomless reservoir of financial “crime” for Washington to investigate whenever it needs a Wall Street prosecution to flounce in front of the press.
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