Political Quotes

“I am joined by Senator Menendez in introducing the Stop Illegal Insider Trading Act to finally define the offense of insider trading. The need for this legislation is long overdue because, in the absence of a statutory definition, an inconsistent and complicated body of common law has developed as the courts have used varying interpretations of anti-fraud statutes in order to decide insider trading cases. For illustrative purposes, consider the following example. A financial analyst receives information from an insider at XYZ Corporation, which contains XYZ's earnings before this information is publicly released. This analyst then shares this inside information with his portfolio manager who subsequently trades in XYZ stock. Based on this hypothetical, I suspect most Americans would be skeptical about someone who learned of a company's earnings before this information was publicly released and then subsequently traded on such information. Indeed, I believe most would agree that such a person was given an unfair advantage in our securities markets. However, on December 10, 2014, the United States Court of Appeals for the Second Circuit in United States v.…”