Many may think the Wall Street Journal broke the news about a huge insider trading case about to be brought against dozens of financial players. We have insider trading in our financial markets. But we surely have inside information in our legal system as well.
Insiders either deliberately release inside information, or they inadvertently release inside information because they can’t keep their lips tight. A month ago, Preet Bharara, the United States Attorney for the Southern District of New York, himself tipped several defense lawyers that many new insider trading related arrests were about to occur.
Here is an article from October 21st, “breaking” the insider trading news that WSJ reported over the weekend:
“Bharara did not say when – or how many – new arrests of Wall Street traders might take place. But in his speech, he stated,’Insider trading I predict will become a bigger issue in the future.'”
Sorry WSJ. The ‘eager beavers’ of the legal world want a reputation, and keeping hush-hush about their accomplishments won’t serve that purpose. Preet Bharara, the prosecutor who prosecuted Khalid Sheikh Mohammed and is prosecuting Raj Rajaratnam, has been quite clear about this when he said in a speech for the New York Bar Association, “The investigation and prosecution of illegal insider trading has been, and will remain, a top criminal priority for our Office and the FBI, just as it is civilly for the SEC”.