In other words, our ban on insider trading isn’t really about protecting investors or making markets function better. It’s about expressing a moral view, much like we do with Blue Laws that ban the sale of alcohol on Sundays.
There’s nothing necessarily wrong with encoding morality into securities laws. But should Steinberg really be facing a possible sentence of 85 years for violating our moral sentiments?
via Should insider trading really be considered a crime? — CNBC
