Insider-trading datapoint of the day

By Felix Salmon
May 18, 2009

How incompetent are the lawyers at the SEC? Here’s what happens when they use the material non-public information at their fingertips to indulge in insider-trading schemes:

[#2] testified that at the time of her testimony in October 2008 she owned more than 50 stocks after a recent sell-off of stocks. She testified that her stock portfolio was then valued at about $45,000, but that it had been valued at about $170,000 at one point.

This particular attorney said that the markets were her “main hobby and passion”. An expensive one, too, it would seem.

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