Jonathan Macey: An Insider-Trading Watershed – WSJ

The government’s theory is that trading in stock or other financial assets is a crime if somebody trades while in possession of any sort of informational advantage over other traders. But, as the Court of Appeals points out in its decision, “although the Government might like the law to be different, nothing in the law requires a symmetry of information in the nation’s securities markets.”

via Jonathan Macey: An Insider-Trading Watershed – WSJ