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Jens 'n' Frens
Idle thoughts of a relatively libertarian Republican in Cambridge, MA, and whomever he invites. Mostly political.
"A strong conviction that something must be done is the parent of many bad measures."
-- Daniel Webster
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Wednesday, June 25, 2003 :::
Yesterday, on NRO, there was this column about Martha Stewart and insider trading.
Insider trading is a murky affair (and the insider-trading charge against Stewart is civil, not criminal). The private Association for Investment Management and Research (AIMR), which administers the rigorous Chartered Financial Analyst (CFA) exam, suggests that investment professionals who receive material non-public information "shall not trade or cause others to trade in that security if such trading would breach a duty or if the information was misappropriated or relates to a tender offer."
I'm a CFA candidate (which is what caught enough of my attention to comment on this article), but I don't believe Martha Stewart is, and I'm a bit puzzled to see AIMR's standard quoted. Wouldn't it make more sense to quote, I don't know, American securities law?
Stewart wasn't privy to any material non-public information on ImClone when she sold her stake, save for the obvious negative clue that the CEO was selling his.
"Mrs. Lincoln quite enjoyed the Ford's Theatre production of Our American Cousin, save for the obvious negative..."
That column is just weird.
::: posted by Steven at 12:51 AM
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