Everything Might Be Insider Trading
Also insider-trading reports, Goldman’s consumer bank, blockchain euphemisms and CLO documentation.
A while back I argued that, if the chief executive officer of a public company commits sexual harassment, he is probably also guilty of insider trading. He knows something bad about his company that has not been publicly disclosed and that would probably lower the stock price if it was disclosed. If he sells stock from time to time—as CEOs often do, since they tend to get a lot of their pay in stock—then he’s trading while in possession of material nonpublic information, and violating his duty to shareholders not to trade on information they don’t know.
I didn’t mean this especially seriously, though I didn’t mean it especially unseriously either. It is a weird and troubling extension of my theory that “everything is securities fraud.” Everything is also insider trading.