Insider trading is just one more thing that increases income inequality. Not surprised that the Supreme Court passed on this.
A little off topic but I am so pissed off that US Congress members have passed laws that make themselves and their assistants immune to being prosecuted for insider trading.
You know the system is getting more corrupt when such bad behavior is not even hidden from public view.
Hold on. It's not the market's job to correct for income inequality. It's the job of a market to rapidly incorporate information into prices, so that everyone who needs to participate in commerce can do so with a shared picture of the value of different things.
Income inequality may be worth correcting for (I sure think it is), but it does not follow from that view that markets should be distorted to try to accomplish that. There are plenty of other instruments we can apply to that problem that will be more effective and will harm the economy less.
Congress didn't make itself immune to insider trading. In fact they recently made it illegal for congressmen to trade based on confidential information.
The reason it wasn't illegal for them before the recent law was because they weren't insiders. Congressmen do not owe a fiduciary duty to third party companies. And they don't owe congress or the government confidentially for stuff they learn on the job.
In fact the whole insider trading rules were not even passed by congress. It's a mix of SEC regulation and essentially federal common law that created insider trading law.
Also congress wasn't really immune. If a congressman payed Tim Cook for Apple info, that would have been illegal.
A little off topic but I am so pissed off that US Congress members have passed laws that make themselves and their assistants immune to being prosecuted for insider trading.
You know the system is getting more corrupt when such bad behavior is not even hidden from public view.