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(Forbes)   The mythical crime of "insider trading" should really be called "freedom trading"   ( divider line
    More: Amusing, political freedom, Mises, trade, Spitzer  
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1868 clicks; posted to Politics » on 18 Sep 2013 at 1:29 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2013-09-18 01:45:11 PM  
3 votes:
God, is it Binswanger Day on Fark?

2013-09-18 10:48:37 AM  
3 votes:
"SAC Capital's founder, Steven A. Cohen, is being tried as a witch..."

Well, does he weigh more than a duck?
2013-09-18 12:56:50 PM  
2 votes:

Slaxl: This guy is really going for it today isn't he?

A comment and a question:

Whoever keeps submitting this Forbes crap has stumbled on green-light gold. Well done.

Is Binswanger a real name? It sounds made up. If I was going to create an alt designed to be a total dick, it's a name I might choose.
2013-09-18 06:19:26 PM  
1 vote:

rewind2846: FTA: "The hostility toward insider trading is based not on any legal consideration but on a vicious perversion of morality: egalitarianism-the same twisted, envy-ridden idea of morality our President is now promulgating in speeches around the nation."

You mean that everyone involved in any business deal should have all the information available for that deal at the same time - a level playing field, if you will? Like how capitalism is supposed to work?

What is up with these Randian assholes today?

Asymmetrical information is cool, as long as I'm making money off you. It's just evidence that I am smarter than you, and deserve more. But if you use asymmetrical information to make money off me, that's what we call fraud, and that's just like theft. Speaking of which, it's not theft if I let you to work for me for half of what you're labor is worth, and you agree to my terms because for some reason you think you'll starve. But it is theft if, for whatever reason, I think you'll beat me up if I don't give you money.
Objectivism is really pretty simple, when you understand the objective, so to speak: I have something I don't want to share, and I need to convince the everyone that's the way nature intended it to be.
2013-09-18 03:33:27 PM  
1 vote:

Regulation FD is a reasonable compromise to protect the interests of shareholders against corruptible fiduciaries. There is a fine line between due diligence, expert networks, and insider trading. Stay on the legal side of that line, and it's due diligence. Cross that line, in the ways that Galleon Group and SAC Capital were alleged to have done, and you turn a pyramid of ability into an aristocracy of pull. This isn't even taking into account the fact that employees have responsibilities towards their employers, and that director-level employees have fiduciary responsibilities to their shareholders, etc. etc. etc. If we want to dig up scandals from a decade ago, Martha Stewart got railroaded over ImClone, but Waksal's actions were so far over the line against his own company's fiduciary interests that I can't see any rational justification for them.

In this essay, Binswanger argues that insider trading is a good thing because he appears to (a) uncritically accept the literal truth of everything Rand wrote, and because (b) Rand was on record as having written positively about it. In poorly attempting to rehash Rand's original essay on the topic, he inadvertently makes the case for an "aristocracy of pull" over the "pyramid of ability" that he lauded in the immediately-preceding essay. In light of this contradiction, I would humbly suggest that Mr. Binswanger check his premises: he will find that one of them is wrong.
2013-09-18 03:30:22 PM  
1 vote:

Gosling: I just went to his blog.

He's hidden his blog posts behind a paywall. He wants $14 a month, or $145 a year, for the pleasure of reading his nonsense.

And yet he seems to hold himself up as some kind of expert on the economy.
2013-09-18 03:03:30 PM  
1 vote:

joeshill: Words evolve. Get used to it. Or get used to being regarded as a douche. Pick one.

Douche is the French word for "shower".  Anyone who uses it in any other way is a moron.

/this is a fun threadjack!
2013-09-18 03:02:58 PM  
1 vote:

Aristocles: You're getting rather hysterical over this, no?

Unfortunately, I can't, I don't have one of those.
2013-09-18 02:51:19 PM  
1 vote:

HighOnCraic: "SAC Capital's founder, Steven A. Cohen, is being tried as a witch..."

If he's guilty, do we get to burn him at the stake?

/I'll bring the marshmallows
2013-09-18 02:09:27 PM  
1 vote:

Gosling: Why am I reading through this guy's archive? Get a load of this one.

"Bush lied, people died!"-they yell it out. But that is a moral denunciation. Despite their multiculturalism and relativism, in practice the Left does not treat morality as up for grabs, as subjectively "in the eye of the beholder." They assert moral absolutes, while still mouthing their official doctrine: "There are no absolutes."

If relativist Leftists accepted and lived by their notion that morality is a myth, they could not advocate any political position. If morality is a myth, then there's really no such thing as "social justice"-or any other kind of justice, no such thing as an obligation to the needy or to anyone else. If morality is just a "social construct," then the concept of "obligation" as such is mythical-on a par with the concept of "ghost." How can the relativist-Left then have any political position at all? Only by sneaking in the kind of absolutist moral judgments that their theory scorns.

That guy sounds like an elitist intellectual.
2013-09-18 01:49:58 PM  
1 vote:

2013-09-18 01:49:23 PM  
1 vote:

Dusk-You-n-Me: 6. Intelligence? Why did we need intelligence?

There's another joke right there about his Randian philosophy, it's just not coming to me right now.
2013-09-18 01:49:07 PM  
1 vote:

nmrsnr: The company is decimated


it's reduced by by a tenth?
2013-09-18 01:48:30 PM  
1 vote:
didn't know Forbes had a satirical section.
2013-09-18 01:36:00 PM  
1 vote:

HighOnCraic: "SAC Capital's founder, Steven A. Cohen, is being tried as a witch..."

Well, does he weigh more than a duck?

See if he floats. His office is right on the Long Island Sound.
2013-09-18 01:28:29 PM  
1 vote:
This guy cannot be real, right? I mean you can't write this:

"Take a worst case scenario: a fire has just broken out in one of the firm's warehouses. Insiders start dumping their stock, selling it to hapless, ignorant outsiders who are about to see their newly bought stock plunge in price. But what is the cause of the stock's fall? The cause is not insider trading, but the fire."

And actually mean it. Because that's not even close to the worst case scenario. An obviously worse scenario is a bunch of CEOs shorting their own stock because they have direct control over whether their stock tanks, making a killing by destroying their own company, and walking away. The company is decimated not by accident, not by random act like fire, but because greedy people actively destroyed it for their own gain, putting hard working people out of work. And I'm pretty sure even that's not a worst case scenario, but I didn't want to spend more than a minute on this ridiculous human being.
2013-09-18 11:12:08 AM  
1 vote:
This guy is really going for it today isn't he?
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