True but sadly not likely to be fixed

Reader comment on: Insider Trading at the Supreme Court

Submitted by John Gillis (United States), Nov 11, 2014 18:56

I would go farther (I suspect) than the editor is calling for the Congress to completely remove the insider trading laws as fundamentally flawed. None of the brilliant legal minds of the past half century (or it is closer to a century) have been able to write an objective criminal statute relating to this "crime". This is not surprising because it should not be a crime. Inside knowledge is valuable to all members of society. Inside information acted upon is the fastest way to communicate company status to the world via stock prices. Company insiders should be able to buy and sell their own stock based on the detailed knowledge they obtain as directors, executives, employees, etc.

The vicious human toll on businessmen (and women) who have been jailed for the non-crime of offending aggressive prosecutors who make up the law as they go along, would be ended.

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