General Discussion

Shrike47

(6,913 posts)

22. I'm an attorney and I'd say no go. What duty does the person with inside info have to you?

Sat Dec 13, 2014, 01:50 PM

Dec 2014

I never practiced business law so I may be wrong. However, it seems to me that the person with insider knowledge gleaned without a payoff has no duty or obligation to anybody else, particularly strangers. It would be different if the person was your investment advisor.

If you are bleeding death on the sidewalk, I have no duty or obligation to help you, even if I could save your life.

Think about this: the person with insider information could be (unlikely, I know) your hairdresser to whom you give investment advice, or someone who overhears a phone call you make. In real life, it's probably rich people exchanging information but it doesn't have to be that way.

At any rate, I don't see how a person who benefits from insider info owes the uninformed anything.

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Corruption Is Now Officially Legal in the U.S., ''But Must Be Done Right'' [View all] Octafish Dec 2014 OP

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Thanks for the link... 99Forever Dec 2014 #28

In a totally corrupted capitalist government fasttense Dec 2014 #3

Which is why I believe RoccoR5955 Dec 2014 #11

Yes, I've started to think this way, as well. When people lose out closeupready Dec 2014 #50

WTF? blackspade Dec 2014 #4

People in the know have been doing that all along, LuvNewcastle Dec 2014 #5

I'd like to get some attorneys' takes on this, as IANAL. It would seem that KingCharlemagne Dec 2014 #6

I'm an attorney and I'd say no go. What duty does the person with inside info have to you? Shrike47 Dec 2014 #22

OK, but if your investment 'win' (or capital gain) comes at the expense of my KingCharlemagne Dec 2014 #26

I agree with you. And as far as I know, it's called 'insider trading' and has sabrina 1 Dec 2014 #44

There are some mornings when I wake up to find egg on my face, and this is surely one. Thanks KingCharlemagne Dec 2014 #47

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As Sabrina1 points out immediately upthread, Stewart was a donor to Democrats. Her prosecution a KingCharlemagne Dec 2014 #48

Thanks for the reminder on the specifics.. 2banon Dec 2014 #49

I lost all respect when she tried to blame her secretary, as I recall, closeupready Dec 2014 #51

like i said, I didn't have a high regard for her before that happened. 2banon Dec 2014 #53

Unmarked cash in an envelope is so old school. Autumn Dec 2014 #7

but still really really effective. (nt) ret5hd Dec 2014 #35

It's in our faces now... woo me with science Dec 2014 #8

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Bribery has been legal for a while here in the US too. RoccoR5955 Dec 2014 #9

its the only way PowerToThePeople Dec 2014 #10

K&R. I didn't notice that insider trading is now legal. Overseas Dec 2014 #12

Makes that Martha Stewart jail stint libodem Dec 2014 #14

I immediately thought of her, too -- and her alleged $30K transaction. pnwmom Dec 2014 #21

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Unending flurries of blows from every direction seemingly daily. TheKentuckian Dec 2014 #29

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K&R! This post deserves hundreds of recommendations! Enthusiast Dec 2014 #16

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K & R !!! WillyT Dec 2014 #34

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