Congress’ insider traders finally out of excuses

November 16, 2015

A U.S. judge has ordered lawmakers to cough up evidence about a dodgy tip, ending more than a year of stonewalling and bogus claims of immunity. With Capitol Hill contemplating an even stronger ban on improper Wall Street trades, the least it can do is play by its own rules.

Overreaching enforcers redraw insider trading line

December 11, 2014

A U.S. court tossed convictions of two hedge fund managers, sharply narrowing the law on improper dealings. Prosecutors should expect more embarrassing reversals. The silver lining is that the ruling gives Wall Street clarity on what’s forbidden and should curb government excesses.

Steve Cohen’s loot could land in undeserving hands

November 11, 2014

A $600 mln insider trading settlement with his SAC hedge fund will probably go to investors on the other side of its dodgy deals. Better them than Uncle Sam. But the real victims were drug firms whose data SAC’s trader stole. U.S. watchdogs miss the mark in allotting fine proceeds.

Gupta arrest puts Corporate America on notice

October 26, 2011

U.S. prosecutors have nailed dozens of insider traders, including Galleon Group founder Raj Rajaratnam. But those cases now look like prologue to the one against the former McKinsey boss and Goldman Sachs director. The charges against Gupta will be tough to prove, but a conviction would be the ultimate deterrent.

Insider trading another reason to Occupy Congress

November 14, 2011

Forget Wall Street for a bit. Politicians, especially those keen on light regulation, did much to create the financial crisis. Fresh news of U.S. lawmakers trading on inside information is further reason for mistrust. Public ire could usefully target this big problem.

Brazilian billionaire banker tests investor mettle

April 16, 2012

Just days ahead of an IPO of his BTG Pactual, Andre Esteves has been fined for insider trading by Italian watchdogs. The firm shrugged off the case and says the boss will appeal. But JPMorgan’s Ian Hannam resigned to fight similar charges. The risks look big for this high-flyer.

Buffett steals insider-trading show in absentia

May 29, 2012

The Berkshire Hathaway chairman didn’t appear in a New York courtroom last week. But his presence loomed over Raj Gupta’s insider-trading trial in more ways than one and dredged up the still-unsettled role his former lieutenant David Sokol played in last year’s Lubrizol deal.

Japan needs more than apologies on insider trades

June 22, 2012

Handing a $6 bln privatization to Nomura’s rivals after the bank apologized for leaking earlier share sales seemed like a government rebuke. But Nomura probably lost fair and square. Either way, Tokyo needs to make leaks illegal and trying to profit on them much more painful.

China’s insider culture stains CNOOC foreign bid

July 30, 2012

The Chinese oil producer’s $15bn bid for the Canadian Nexen isn’t directly threatened by the U.S. SEC insider trading complaint against a billionaire close to CNOOC. But the case will fortify critics who say that China has a long way to go before it can play by global rules.

Enforcers keep on casting for biggest SAC fish

November 20, 2012

The feds hit Mathew Martoma, an ex-trader at Steve Cohen’s hedge fund firm, with criminal and civil insider trading complaints. They say he directly urged his boss to trade, helping make $276 mln. But if they hope Martoma can assist them in landing Cohen, they’ll need to deal.