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Yesterday was a big day for insider trading
Insider trading just got a whole lot easier.
The ambiguity of what constitutes insider trading has been the biggest deterrent of illegal practices over the last 6 years — that and watching all the perp walks down by City Hall on television. As soon as the crackdown began in 2009, fear has been running rampant on the Street. Nobody wanted to be next. Two days ago if you asked ten traders what exactly was considered trading on inside information —you would have gotten ten similar, but also very different answers because no one really knew exactly where the line was drawn in the sand. And that was terrifying.
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