41. The Injustice Of The Insider Trading Laws By Andrew Bernstein -- Capitalism Maga Should anyone be investigated for insider trading? Is insider trading objectively a crime? In a free society a company belongs to its ownersthe http://www.capmag.com/article.asp?ID=3790

42. Martha Stewart And Insider Trading By James K. Glassman -- Capitalism Magazine Stewart, who was a friend of his, wasn t charged with insider trading but Inside trading should be a crime if the misappropriation is committed by a top http://www.capmag.com/article.asp?ID=3518

43. The Fraud Of Insider-Trading Law, Part 1 Instead of being about insider trading, the case against Martha Stewart is, Is that really a crime? She is also charged with securities fraud — the most http://www.fff.org/freedom/fd0309c.asp

www fff.org Send to a friend Printer Friendly PDF Format Subscribe to FFF Email Update Subscribe to ... Freedom Daily The Fraud of Insider-Trading Law, Part 1 by Sheldon Richman September 2003 (POSTED NOVEMBER 5, 2003) Part 2 This article was originally intended as a discussion of the Martha Stewart case. But instead it will be a discussion of insider trading. If the U.S. attorney declined to seek an indictment for insider trading, what, then, is in the five-count bill against her? (The media widely report that the bill contained nine counts. Wrong. The government issued a single bill against her and her former Merrill Lynch broker, Peter Bacanovic. The combined charges total nine.) We have to examine insider trading to understand the case, for without such a concept, there is no case. Henry Manne, dean emeritus of George Mason University Law School, is the authority on this sorry idea of law. (In 1966 he published Insider Trading and the Stock Market .) Manne points out that insider trading was not illegal until the 1960s. Many people think it goes back to the Great Depression and the New Deal, when the SEC was created. But as Manne notes, insider trading could not have been much of an issue during the stock-market crash. If it had been, many insiders would have avoided the disaster. Then why did it become an issue 30 years later? As Manne told syndicated columnist Larry Elder

44. The Fraud Of Insider-Trading Law, Part 2 It is virtually unquestioned in America today that insider trading in the securities Even if that were true, it would not turn the act into a crime. http://www.fff.org/freedom/fd0310b.asp

www fff.org Send to a friend Printer Friendly PDF Format Subscribe to FFF Email Update Subscribe to ... Freedom Daily The Fraud of Insider-Trading Law, Part 2 by Sheldon Richman October 2003 [Posted January 14, 2004] Part 1 It is virtually unquestioned in America today that insider trading in the securities markets is a dastardly act. We must make a distinction here between trading by insiders and trading by insiders on the basis of nonpublic information. Insiders are legally allowed to buy and sell stocks. The Securities and Exchange Commission (SEC) requires insiders to disclose their trades, and the financial newspapers report such trading. Investors find this information a source of valuable clues about companies. (It is possible that even without the SEC requirement, shareholders would require their executives and directors to declare their trades.) un Those who seek to stamp out insider trading concede this point, so they object only when the knowledge is unavailable to the public. But the line between prohibited inside knowledge and permissible inside knowledge is far from clear. As law professor Daniel Fischel writes in Payback

45. CBS News | Feds Say Martha Speech Was Crime | June 19, 2003 07:34:36 Feds Say Martha Speech Was crime. Instead, the SEC charged Stewart with insider trading in a civil action filed Wednesday just after the criminal http://www.cbsnews.com/stories/2003/06/19/national/main559356.shtml

SEARCH: CBSNews.com The Web document.write('') Home U.S. World Politics ... CBS News Video ET The Early Show CBS Evening News 48 Hours 60 Minutes ... Section Front E-mail This Story Printable Version Feds Say Martha Speech Was Crime NEW YORK, June 6, 2003 What's In Store For Martha? Martha Stewart leaves court after being indicted. (Photo: AP) "What the government is trying to suggest here is that this was not a victimless crime." Robert Mintz, former federal prosecutor Interactives: Martha's Mess Click here to view the charges against Martha Stewart, photos from her trial and more. ImClone Who's Who Click here to learn about key players and get the background on the ImClone scandal. Timeline: Martha's Datebook Click here to see key dates in the life and career of Martha Stewart Web: MarthaTalks.com MarthaStewart.com Her Gardening Plans Stories: Martha's New Body Not How's She Doing, Really? The Rewards Of Doing Bad Move Over, Trump ... Martha's 1st Prison Letter (CBS/AP) Martha Stewart is accused of deliberately trying to inflate the stock of her own company — simply by declaring her innocence. Inserting an unusual twist into their indictment of the domestic diva, prosecutors charge that she committed a crime when she stood up in public last summer and denied engaging in insider trading.

46. Www.theage.com.au - ASIC, DPP Critics Miss The Point On a scale of severity for corporate crime, insider trading is regarded as insider trading is often referred to as a victimless crime because those on http://www.theage.com.au/text/articles/2005/07/22/1121539150607.html

TheAge Text-only index ASIC, DPP critics miss the point Date: July 23 2005 By Shephen Bartholomeusz One of the more curious aspects of the peculiar public response to the Vizard case is the way the reaction has focused on the Australian Securities and Investments Commission's failure to prosecute him, on a criminal basis, for insider trading. It is curious because the insider trading Vizard has effectively admitted to was by far the lesser of the crimes he committed. On a scale of severity for corporate crime, insider trading is regarded as one of the less offensive and damaging of those crimes. Vizard's real sin - and it was heinous - was the gross breach of trust involved in his abuse of his position as a Telstra director for private gain. It just happened that those gains came from insider trading. As ASIC's counsel told the Federal Court this week, Vizard had been appointed to the board of one of the most significant companies in the country by the Federal Government. He effectively represented the interests, not just of individual shareholders, but millions of taxpayers. Yet he deliberately and systematically abused his privileged position and the public trust placed in him. In that sense, the fact the charges related to breaches of fiduciary duty rather than insider trading was appropriate. Unfortunately, of course, given ASIC was forced by evidentiary problems to pursue a civil rather than criminal course of action, the penalties available to the court are hopelessly inadequate as a punishment for such grossly indecent behaviour.

47. Defining Illegal Insider Trading the better you understand why illegal insider trading is a crime, the better you Partners in crime In insider trading that occurs as a result of http://www.investopedia.com/articles/03/100803.asp

Chalk Talk Basics Stocks Options/Futures ... Contact Us Defining Illegal Insider Trading By Reem Heakal Contact Reem October 8, 2003 Printer friendly version When hearing news stories about illegal insider trading activity, investors usually take notice because it's an activity that affects them. Although there are legal forms of insider trading (which you can learn more about in the articles Uncovering Insider Trading and When Insiders Buy, Should You Join Them? ) , the better you understand why illegal insider trading is a crime, the better you understand how the market works. Here we discuss what an illegal insider is, how it compromises the essential conditions of a capital market and what defines an insider. What Is It and Why Is It Harmful? Insider trading occurs when a trade has been influenced by the privileged possession of corporate information that has not yet been made public. Because the information is not available to other investors, a person using such knowledge is trying to gain an unfair advantage over the rest of the market. Using nonpublic information for making a trade violates transparency, which is the basis of a capital market. Information in a transparent market disseminates in a manner by which all market participants receive it at more or less the same time. Under these conditions, one investor can gain an advantage over another only through acquiring skill in analyzing and interpreting available information. This skill is based on individual merit and awareness. If one person trades with nonpublic information, he or she gains an advantage that is impossible for the rest of the public. This is not only unfair but disruptive to a properly functioning market: if insider trading were allowed, investors would lose confidence in their disadvantaged position (in comparison to insiders) and would no longer invest.

48. Herald Sun: Insider Trading Reveals Double Standards [10jul05] It was all but a confession by him to the crime of insider trading. That as a director of Telstra he was given highly confidential information about three http://www.heraldsun.news.com.au/common/story_page/0,5478,15876357%5E36281,00.ht

Home NEWS SECTIONS Breaking news State National World ... Everest trek Corinella Business Owner OPINION Editorial Bettina Arndt Andrew Bolt Kerry Cue ... Lindsay Tanner COFFEE BREAK Daily horoscopes That's Life Trivia Quiz CLASSIFIEDS General CareerOne homesite.com.au Tenders ... Casual advertising SERVICES / HELP About us Contact us Link to us Herald Sun Shop ... Home delivery SUNDAY FEATURES Sunday Gossip body+soul Faithworks Weddings TERRY MCCRANN back PRINT-FRIENDLY VERSION EMAIL THIS STORY Insider trading reveals double standards By TERRY McCRANN STEVE Vizard is a very funny man. He got seriously rich being funny mostly pinging the failings of others. Who could forget his Derryn Hunch? But last week nobody was laughing. Although we couldn't really tell about Vizard he'd been up and gone, safely out of the country before the storm broke. I doubt though that he would have been laughing. A relieved grin perhaps. Yes, he escaped the fate of Rene Rivkin. But not the humiliating disgrace. So what did Vizard do? Should he have faced jail-time? Should premier Steve Bracks pop out to Tullamarine to welcome him home, like returning Olympics heroes? The bizarre aspect of it all, is that we know precisely what Vizard did because

49. LII: Law About...White-collar Crime The phrase whitecollar crime was coined in 1939 during a speech given by Edwin insider trading According to the SEC, insider trading is trading that http://straylight.law.cornell.edu/topics/white_collar.html

Law about... collection home tell me more donate white-collar crime: an overview The phrase "white-collar crime" was coined in 1939 during a speech given by Edwin Sutherland to the American Sociological Society. Sutherland defined the term as "crime committed by a person of respectability and high social status in the course of his occupation." Although there has been some debate as to what qualifies as a white-collar crime, the term today generally encompasses a variety of nonviolent crimes usually committed in commercial situations for financial gain. Many white-collar crimes are especially difficult to prosecute because the perpetrators are sophisticated criminals who have attempted to conceal their activities through a series of complex transactions. The most common white-collar offenses include: antitrust violations computer/internet fraud credit card fraud phone/telemarketing fraud ... economic espionage , and trade secret theft (see definitions at bottom). According to the Federal Bureau of Investigation, white-collar crime is estimated to cost the United States more than $300 billion annually.

50. Congress Should Rein In Rogue Federal Prosecutors insider trading laws should be reformed to protect freedom. indictment does not charge Stewart with the underlying insidertrading crime for which she http://www.freedomworks.org/informed/issues_template.php?issue_id=2014

51. Insider Trading Company Difficult Shares Information Illegal insider trading is the trading of a security of a company (eg, many with no experience of share trading, that a crime was committed can be difficult. http://www.economicexpert.com/a/Insider:trading.htm

var GLB_RIS='http://www.economicexpert.com';var GLB_RIR='/cincshared/external';var GLB_MMS='http://www.economicexpert.com';var GLB_MIR='/site/image';GLB_MML='/'; document.write(''); document.write(''); document.write(''); document.write(''); A1('s',':','html'); Non User A B C ... Home Insider trading is the trading of a security of a company ( e.g. shares or options ) by an insider , a person who knows information that is not accessible to the public. Illegal inside trading occurs when the insider violates a fiduciary duty or other relationship of trust and confidence by virtue of the insider trading. Thus, some insider trading is legal and other is illegal, depending on whether there is a breach of trust. Generally, however, the term is used in the context of trades improperly using insider information. There are rules against such insider trading in most jurisdictions around the world, though the details and the efforts to enforce them vary considerably. In the United States , for example, there is no general federal law directly prohibiting insider trading. Authority to prosecute cases of insider trading came from the Supreme Court 's interpretation of Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5, prohibiting fraud in connection with the purchase or sale of securities.

52. Corporate Crime Reporter In an interview with Corporate crime Reporter, we asked Ellis to name his top engaged in insider trading, aided and abetted HealthSouth s reporting and http://www.corporatecrimereporter.com/

Reports Top Ten Corporate and White Collar Crime Prosecutors Public Corruption in the United States Top 100 False Claims Act Settlements Top 10 White Collar Crime Defense Lawyers ... Top 100 Corporate Criminals of the 1990s Documents WR Grace Indictment Webb Report Texans for a Republican Majority PAC Indictments Public Intergrity Section 2002 Report ... Organizational Sentencing Guidelines October 7, 2003 Martha Stewart Indictment William Barr Letter To SEC Urging Crackdown on Corporate Crime Justice Department Memo on Federal Prosecution of Business Organizations In the News Sugar, Vending Groups Take Action Against Obesity Claims Washington Post JANUARY 13, 2005 Halliburton Hires Law Firm To Look Into Bribe Charges Wall Street Journal February 17, 2004 Despite Problems, Connecticut Has Low Corruption Rank New York Times January 21, 2004 States ranked as most corrupt THE WASHINGTON TIMES January 19, 2004

53. Insider Stock Market Trading Instead of being about stock market insider trading, the case against Martha Stewart is If I sell a stock and it tumbles, will I be charged with a crime http://www.financial-spread-betting.com/Insider-Trading.html

Insider Stock Market Trading Go back to Stock Market Insider Trading - Main Many people think those are one and the same issue. But that is incorrect. After more than a year of associating Martha Stewart with stock market insider trading, the U.S. Justice Department declined to indict the well-known queen of domesticity for that “crime." In other words, after a year of investigation, the U.S. attorney for the Southern District of New York, James Comey, decided that he could not prove to a jury beyond a reasonable doubt that Martha Stewart had illegally traded stock on the basis of material nonpublic information about a publicly held company. (As we’ll see, there’s more to the charge than that). That did not stop the Securities and Exchange Commission (SEC) from making the charge in a civil suit against her. But, of course, a civil suit carries a much lighter burden of proof (a preponderance of the evidence). The SEC’s legal piling-on is explicable when you understand that should Martha Stewart lose, she would be barred for life from sitting on any corporation’s board of directors. If the U.S. attorney declined to seek an indictment for insider trading, what, then, is in the five-count bill against her? (The media widely report that the bill contained nine counts. Wrong. The government issued a single bill against her and her former Merrill Lynch broker, Peter Bacanovic. The combined charges total nine.)

54. Martha Stewart The Injustice Of Insider Trading Laws - Andrew Martha Stewart was investigated for the crime of insider trading and later convicted of obstructing justice for lying to authorities during the http://mensnewsdaily.com/archive/a-b/a-b-misc/bernstein071204.htm

MND COMMENTARY HOME PAGE 2 COLOSSEUM ARCHIVE ... Your Link Here! var rm_host = "http://ad.yieldmanager.com"; var rm_section_id = 2957; var rm_iframe_tags = 1; rmShowAd("468x60"); Martha Stewart: The Injustice of Insider Trading Laws July 12, 2004 by Andrew Bernstein The laws that prompted the investigation of Martha Stewart should be repealed because they violate individual rights. By Andrew Bernstein Martha Stewart was investigated for the "crime" of insider trading and later convicted of obstructing justice for lying to authorities during the investigation. But the questions no one is asking are: Should Martha even have been the subject of a criminal investigation in the first place? Should anyone be investigated for insider trading? Is insider trading objectively a crime? In a free society a company belongs to its ownersthe shareholdersnot to the government. The owners have the moral, and must have the legal, right to decide if corporate executivestheir employeeswill be permitted to trade on or disseminate "inside," i.e., proprietary information. Indeed, the owners have the moral right to decide if corporate executives will even be permitted to own stock in the company. Prior to the establishment of the SEC in the 1930s, the government properly did not violate the right of a company's owners to control, by means of corporate by-laws, the practices of corporate executives regarding stock ownership and inside information. The government recognized that proprietary information belonged to the company's owners. However, this respect for property rights began to erode as regulations and prohibitions on insider trading were gradually imposed.

55. WCCO: Former Zomax CEO Faces Insider Trading Charges crime. clock Aug 3, 2005 918 am US/Central (AP) Minneapolis Federal charges of insider trading have been brought against the former CEO of a Plymouth, http://wcco.com/crime/local_story_215102039.html

var oassitepage='wcco.com/crime/local_story_215102039.html'; content_headline='WCCO%3A%20Former%20Zomax%20CEO%20Faces%20Insider%20Trading%20Charges';content_section='crime'; @import url("http://static.viacomlocalnetworks.com/css/story.css"); accID='DM530703JMCE78EN3'; content_group='/local/crime;/wcco.com/local/crime;/wcco.com/local/crime';content_title='PUT+PAGE+NAME+HERE'; WCCO: Former Zomax CEO Faces Insider Trading Charges Search News Video The Web Dining Yellow Pages A A+ A++ Save It ... Water Cooler Seen on WCCO I-TEAM Special Reports Reality Check Lifeline ... TV Schedule WCCO Central Community Minnesota Living Careers Tech Center Marketplace Real Estate Autos Travel Shopping ... Coupons Lifestyle Family New Baby Collections Video Slideshows Blogs Just 4 You Calendar Contests Lottery Results Other Ways to Get News XML Feeds Track It! About Us Station Info Contact Us WCCO-TV Jobs Our Partners CBSnews.com CBS.com Crime Aug 3, 2005 9:18 am US/Central Former Zomax CEO Faces Insider Trading Charges var title=charStrip("Former Zomax CEO Faces Insider Trading Charges"); writeClipImg(title, "http://wcco.com/crime/local_story_215102039.html", "saveit"); Save It Email It Print It (AP) Minneapolis Federal charges of insider trading have been brought against the former CEO of a Plymouth, Minn.-based technology manufacturing company, his wife, and a family friend.

56. Martha Stewart: Judicial System Casualty The prosecutors presented no such crime. Stewart was indicted and Many Americans believe Stewart committed insider trading, because that is the http://www.truthinjustice.org/martha-stewart2.htm

Judicial system casualty By Paul Craig Roberts Published March 12, 2004 The Kafkaesque indictment, trial and conviction of Martha Stewart is a devastating blow both to the U.S. legal system and to belief in the American socioeconomic system. As Lawrence Stratton and I have demonstrated in our book, "The Tyranny of Good Intentions," very little remains of the legal protections that once defined the Anglo-American legal system. Today hapless defendants are convicted not only in the absence of criminal intent but also in the absence of statutory felonies. Martha Stewart was indicted for lying and obstructing justice. For these offenses to have any meaning, there must be a crime that she lied about and obstructed. The prosecutors presented no such crime. Stewart was indicted and convicted for lying and obstructing a crime when no crime happened. Many Americans believe Stewart committed "insider trading," because that is the disinformation her prosecutors used their media pimps to disseminate. The prosecutors would have liked to have charged Stewart with insider trading, but could not. Stewart learned from her broker, not from a company insider, that a top executive was selling shares. Since time immemorial, many people have sold shares for the same reason. Brokers call and report a stock is being sold when the overall market is not. That is an indication there is bad news in the market about that stock. It is a broker's job to advise when to hold and when to fold.

57. International Law Office - Legal Overview It is also a crime in the United States to engage in insider trading, defined by the Securities and Exchange Commission as buying or selling a security, http://www.internationallawoffice.com/overview.cfm?country=USA&workareas=White C

58. Blank Page 10 the effects of white collar crime are, in contrast to many conventional offences, Chapter 6 compares the regulation of insider trading in the United http://www-personal.buseco.monash.edu.au/~gilligan/CompanyandSecuritiesLawJourna

BOOK REVIEW by P. U. Ali Postdoctoral Research Fellow University of Queensland Regulating the Financial Services Sector by George P. Gilligan This monograph is a socio-legal study of financial services regulation, focusing principally on the City of London as a premier financial centre and the regulation of insider trading in the United Kingdom. The theoretical underpinnings of the monograph are set out in Ch 1, section C. The aim of the monograph is to use tools such as "structuration theory" and "censure theory", and notions of legitimacy to "explain how financial services regulation emerges, how it is operationalized and its structural features". The description of structuration theory could, however, have been made more accessible, given that it provides the principal looking glass through which the author views the operation of financial markets. That aside, the author has a number of important, general observations (in Ch 1, section D and Ch 2) to make about the efficacy of financial services regulation. One of the more significant of these concerns the interplay of moral ambiguity and regulatory legitimacy. The author considers that a major impediment to the effective policing of white collar crimes in the financial markets is the moral ambivalence of market participants - evidenced by the tolerance of business misconduct and the lack of stigma attaching to many white collar offences. This ambivalence tends to undermine the legitimacy required by regulators to promote regulatory compliance. Diminished legitimacy is thus likely to be reflected in diminished compliance, meaning that regulators must rely more heavily upon deterrence mechanisms which are generally costly and inflexible and may, in many cases, be inadequate.

59. Foster Winans-Lecturer, Author Federal law enforcement official, Economic crime Conference, Wash. DC 2003 ~insider trading Curbs Bad Policy (Cato Institute Article) http://www.fosterwinans.com/

HOME LECTURE REVIEWS TV/MEDIA BOOK REVIEWS ... something others don't." Columbia World of Quotations, 1986 Ethics Lacking in Business School Curriculum, Students Say in (Aspen Institute) Survey ... -NY Times, May 20, 03 47 W. Oakland Ave. Doylestown, PA 18901 Fx: 215-348-8179 Mob: 215-500-1989 rfwinans@verizon.net R. Foster Winans TV Punditry: Media/Wall Street Academic/Conference Lecturing Commentary/OpEd Author/Ghostwriter ... Community Advocate " The guy can write." "A natural public speaker." from the 80s to the present LA Times "High Cost of Media Circuses," March 1, 2005 OPED-"Martha's burden: weight of a lie," March 9, 2004 "Reporter Finds Redemption" June 26, 2003 "The Engine of His Redemption" March 14, 2004

60. Crikey Website - Vizardry And Serial Insider Trading Vizard s reputation was damaged because he committed a crime, concealed it So long as the insider gets someone else to undertake the trades for them and http://www.crikey.com.au/articles/2005/07/27-1441-947.html

Politics Media Business Opinion ... RSS Feeds Add this site to: Home July 2005 Business Vizardry and serial insider trading By Stephen Mayne As Steve Vizard's tangled web begins to unwind, Crikey has been forced to establish a new section called "Vizardry" in the daily email to cover the businessman's dubious dealings. See what was run in the first instalment of Vizardry below: Date: 27 July 2005 Character is destiny, according to the Greek philosopher Heraclitus. But what about a name? According to our Oxford Dictionary , a Vizard is a "disguise" or "visor or mask," and the verb to vizard means "to conceal or disguise (something) under a false outward show or appearance; to represent falsely or suspiciously." As the mask is lifted even more, we've been forced to create a new section in the Crikey Daily, which we've called Vizardry (a word that isn't in the dictionary). Our only excuse is that we were completely Vizarded. Steve Vizard's serial insider trading Crikey Daily - Tuesday, 26 July By Stephen Mayne Advertisement The Fairfax press was comprehensively scooped today as The Australian and the Herald Sun together produced stories revealing Steve Vizard's secret trading vehicle, Creative Technology Investments, bought and sold shares in another five companies in which he was likely to have possessed sensitive information.

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