[TheSilentAssassin]

[scienceguy]

I thought it was their job to trade on inside information.

So only 1 in 6 admits they would do their job?

[2ffu]

Originally Posted by scienceguy

I thought it was their job to trade on inside information.

So only 1 in 6 admits they would do their job?

[dub CRISP]

Originally Posted by scienceguy

I thought it was their job to trade on inside information.

So only 1 in 6 admits they would do their job?

perhaps you don't know what inside information is?

[benji25]

Originally Posted by dub CRISP

perhaps you don't know what inside information is?

To be fair there is a difference between trading on inside information and insider trading. There is a distinction between an analyst/trader who gets confidential information passed to him and a CFO who sells his shares in the company he works for because he knows something. Both however are illegal.

[dub CRISP]

yeah neither one is part of anyone's job

except maybe senators

[barrel roll]

So the CFO can't sell his shares?

[benji25]

Originally Posted by barrel roll

So the CFO can't sell his shares?

Not if he does it based on information that is not available to the public. I think he actually has to file something stating the reasons if he sells enough. Applies to pretty much anyone in the C-suite or Presidents, etc.

And I believe a law was passed that made this rule apply to congress because previously congress was allowed to do it.

edit:

The bill prohibits members of Congress from trading stocks and other securities on the basis of confidential information they receive as lawmakers. It makes clear that the insider trading ban in federal law applies to members of Congress and their aides and to officials in the executive and judicial branches of the federal government.

In addition, the bill requires lawmakers to disclose the purchase or sale of stocks, bonds, commodities futures and other securities within 45 days of transactions, rather than once a year as they now do. The information will be posted on the Web.

Thousands of federal agency officials, including many at the White House, will be subject to similar reporting requirements.

http://www.nytimes.com/2012/03/23/us...-congress.html

[dub CRISP]

yeah I don't know what happened with that, 60 minutes did a special on it and then they talked about it for a while but I don't know if it ever went anywhere

EDIT: it was passed earlier this year

[2ffu]

Originally Posted by benji25

I think he actually has to file something stating the reasons if he sells enough.

I believe it's form #144. Anyone who owns more than a 5% stake in a public company ( including mutual funds/hedgefunds) must also report this to the SEC.

[2ffu]

Originally Posted by benji25

Not if he does it based on MATERIAL information that is not available to the public. I think he actually has to file something stating the reasons if he sells enough. Applies to pretty much anyone in the C-suite or Presidents, etc.

And I believe a law was passed that made this rule apply to congress because previously congress was allowed to do it.

edit:

http://www.nytimes.com/2012/03/23/us...-congress.html

fify

[scienceguy]

Originally Posted by dub CRISP

perhaps you don't know what inside information is?

If you aren't using inside information, then you're nothing more than a simple gambler. You're just as successful throwing darts. In the late 90s everyone said Apple was dead and gold was worthless. I have a brother in law who was fresh out of Wharton that told me you couldn't miss with Yahoo. Anyone who listened to that lost their shirt. You make the fast money in the stock market knowing who is buying who and when.

It's no better than horse racing. You make the real money getting in early when the race is fixed.

[dub CRISP]

and if you are using inside information then you are a criminal

[barrel roll]

Yea, but not really a bad one.

[dub CRISP]

well white collar crime and all that,

[2ffu]

Originally Posted by scienceguy

If you aren't using inside information, then you're nothing more than a simple gambler. You're just as successful throwing darts. In the late 90s everyone said Apple was dead and gold was worthless. I have a brother in law who was fresh out of Wharton that told me you couldn't miss with Yahoo. Anyone who listened to that lost their shirt. You make the fast money in the stock market knowing who is buying who and when.

It's no better than horse racing. You make the real money getting in early when the race is fixed.

What financial services companies have you worked for?

What FINRA licenses ddo you hold?

[Umami (Banned)]

Originally Posted by barrel roll

Yea, but not really a bad one.

Market manipulation isn't bad?

[2ffu]

Originally Posted by Umami

Market manipulation isn't bad?

trading on MNPI =/=market manipulation

[barrel roll]

Stop taking my joking comments seriously, dammit.

[TheSilentAssassin]

Originally Posted by barrel roll

Stop taking my joking comments seriously, dammit.

lol

[scienceguy]

Originally Posted by 2ffu

What financial services companies have you worked for?

What FINRA licenses ddo you hold?

I won't participate in one of the silly shmeckel measuring contests that are common here. Licenses are irrelevant for this topic anyway.

Ive worked at startup companies that were being packaged for sale, and I've met the analysts and investors on their tours. I've met your competition. It's obvious what they're after. They're like well dressed bookies before a horse race or boxing match. They aren't shy about wanting the inside line. I don't blame them. It's their job. Judging by the yachts in Marblehead, some of them are pretty good at it. I just wish the crappy 401k funds that im stuck with reflected their success.