Insider Trading.

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Presentation transcript:

Insider Trading

Abuse of Position Vague term, includes actions of Ebbers, Kozlowski. also includes insider trading

Foster Winans – Case 10.2 http://www.youtube.com/watch?v=ucDaQmEReRw

Insider Trading, df. Stock trading on the basis of material, non-public information. E.g., Texas Gulf Sulphur

Martha, Erbitux, ImClone, Waksal

When can outsiders be prosecuted for it? Tip on the bus Chiarella (financial printer) O’Hagan No: bus tip, Chiarella Yes: O’Hagan

Bottom line: Outsiders prosecutable when source of info has fiduciary obligation to corporation and trader knows this.

Why is it Wrong? Manne – it’s not. Misappropriation view. Text: executives who do it put their interests above those of shareholders. Fairness argument