Busting Insider Trading: As Pointless as Prohibition – WSJ.com

… The story for today is that we are repeating the errors of Prohibition. We see federal prosecutors making names for themselves by convicting mostly low-level functionaries. We see the so-called corruption of otherwise good folks, including medical researchers and high-tech specialists, with valuable information. Yet with so much wealth at stake, this “corruption” surely goes far beyond what prosecutors have been able to demonstrate.

It is high time to stop this ridiculous posturing. We really don’t need another government failure like Prohibition.

via Busting Insider Trading: As Pointless as Prohibition – WSJ.com.