Insider trading is against the law - and not “just because.” It is against the law because markets can be “gamed” artificially.
Mortimer and Randolph Duke, the brothers in “Trading Places” who sought to scam the market on frozen orange juice futures, learned how playing on insider information can backfire. Their characters ended up on the street and broke.
The current occupant of the Oval Office committed a faux pas this week. Well, he does that all the time, but this one had criminal implications. I forgot - he does that all the time, too. He announced, early that the employment figures, to be announced this morning, June 1, were good. Presidents in the past - those individuals who hold the office legally and without interference of and collusion with hostile foreign powers, have been under a rule not to reveal that information early.
After all, even a dumbass like the current occupant of the Oval Office needs to know things about the country.
Unfortunately, DT released the information early. Markets do not open upon the word of the President of the United States - or, at least, not yet. People trade in stocks and commodities, however.. Markets overseas are open earlier than our stock exchanges or options exchanges or commodities markets.
Markets went a little wild.
As crooked as the current occupant of the Oval Office is - lots of indictments being racked up right now; so those of you who want to say “Crooked Hillary”? Shove it. People are going to prison under this bozo - how many members of his family profited from his “leak” of the employment figures? The temptation of the quick profit is too great. Also, whatever chaos this shmuck can create, his handler in Moscow will love.
How many family members took part in profits from this “insider” trading? Single-digits? Double-digits? His hands are not so big as to go beyond ten.
One may wonder the fate of family members who engage in insider trading so easily tracked. One does not want to wonder about the fate of poor Beeks. (He found love in the arms of a gorilla thanks, in part, to a future United States Senator.)