The people who make the big money on Wall Street are corporate insiders – at least as long as they don’t get busted.
Today’s news brings yet another insider trading case. This time it’s a Bristol-Myers executive allegedly buying up stocks of little drug companies he knew Bristol-Myers would purchase. Click here to read the details.
One thing the Justice Department and the Securities and Exchange Commission seems to have done well since the 2008 financial crisis is nail people for insider trading, including a top guy at Goldman Sachs and a lauded hedge fund manager. Their cases, however, probably only represent a tiny slice of what has become a huge industry trafficking in insider information.
From professionals who cheat to computers that make trades nobody understands, the little guy has about as much of a shot on Wall Street as he does in Las Vegas. At least in Las Vegas, they serve food and drinks while they shake you down.