Jeff: On Mon, 3 Jun 1996, Jeff Barber wrote:
IANAL, but I think you must be wrong about this, Perry. If this were
Tim is calling any trade by an Insider, as being insider trading. Perry is saying anybody can do insider trading.
the case then, as an employee of company XYZ, I would never be permitted to buy XYZ stock (which is clearly not the case) since I *always* have
An Insider may trade stock. s/he simply has to announce their intention to do so 30 or more days beforehand. << I probably have the number of days wrong, but it is at least 30. >> From my little black legal dictionary: Insider: Defined in Securities and Exchagnes Act. 15 USC 78p(a) ( 1964) An insider is every officer and director of a corporation and any person who owns more than ten percent of the stock of taht corporation. Insider Trading: Buying or selling corporate stock by by a corporate officer or other insider who profits by his access to information not available to the public. << Skip several paragraphs >> The prohibition against trading on inside inforamtion is enforced regardless of whether the trading is done by an insider, or by an unscrupulous investor who has been tipped off by an insider. *** end of legal defination *** I don't have legal citations, but I do remember a scandal in the sixties, involving secretaries passing information on to others, who were convicted of insider trading, amongst other things. << Not the secretaries, but those they passed information onto, were convicted. >> Then for those who believe that TV is real life, at least one episode of LA Law dealt with insider trading --- a secretary << I think -- I don't watch TV >> was getting stock tips from an insider, and traded on that advice. She hadn't a clue as to what she was doing, but made a pretty penny. And was arrested for Insider Trading. She didn't even know taht that was what she was doing. << First aired three or four season's ago, I think. >> xan jonathon grafolog@netcom.com ********************************************************************** * * * Opinions expressed don't necessarily reflect my own views. * * * * There is no way that they can be construed to represent * * any organization's views. * * * ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ * * * http://members.tripod.com/~graphology/index.html * * * ***********************************************************************