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Why Is Insider Trading Illegal?

Posted on May 12, 2008

The meme of the day, as admirably summed up by Paul Murphy,is the question of why exactly insider trading is illegal, and whetherit should be. I seem to recall a trenchant column by Holman Jenkins inthe WSJ around the time of the Martha Stewart case arguing that itshouldn't be, but I can't find it right now, partly because the WSJkeeps on telling me that search is momentarily unavailable . One thing which gets missed in much of the debate is the differencebetween a civil and a criminal offense. Some companies, and theirshareholders, might conceivably want their employ...

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