You and Judge Easterbrook on the same page with insider trading. I am thinking about writing an article about why it should be a crime. Because my intuitions say it should. I think it's cheating, stealing, exploiting, and often a fiduciary violation, as well as an incentive to commit worse crimes, like manipulating the stock to take advantage of your insider knowledge. More later.
I don't mind if these clowns (my former clients ;->) are humiliated at the office. Of course when I represent them it is an outrage. From the pov of a radical citizen, it is delicious. But I believe in retribution.
As far as the AUSA, did someone drag him off in chains from his clerkship or HLS to slave in the galleys at Foley Square? Was he barred from working at Skadden or Sullivan & Cromwell and impressed into The Most Prestigious USAO in the country, from which, after working under Rudy on those cases, he could write his won ticket as a _partner_ at Skadden, etc.? Fuck that jerk. Clearly a case of an excessive sense of privilege and entitlement. Bust him too, in the office, just on general principle; he needed some humiliation.
--- Doug Henwood <dhenwood at panix.com> wrote:
>
> On Sep 14, 2007, at 1:15 PM, Carl Remick wrote:
>
> > Full disclosure: I briefly admired Giuliani when,
> in 1987 as a US
> > Attorney, Rudy had a couple of Wall Street execs
> hauled off to jail
> > in handcuffs to face insider trading charges
> (later dismissed, I
> > believe); one of these execs was photographed
> crying his eyes out
> > -- a sight that I must say warmed my heart.
> Unfortunately once he
> > got into office Rudy switched from pummeling the
> powerful to
> > pummeling the poor.
>
> Not me. As Ernest Mandel says in one of his entries
> in the Dictionary
> of Marxist Thought, the reason that insider trading
> is punished is
> that it's an instance of little capital trying to
> steal from big
> capital. It also undermines public faith that the
> markets are "fair,"
> which of course they're not.
>
> Those guys were arrested in typically Rudy fashion -
> thrown against
> their office wall during the business day,
> handcuffed, and hauled
> out. The point was to humiliate. The charges never
> stuck, either. But
> even disgraced investment bankers can afford better
> lawyers than your
> average criminal. If it had been some public
> defender, the charges
> might well have stuck.
>
> I used to know a guy who worked as a prosecutor
> under Rudy when they
> were doing the insider trading busts. The guy was
> seething with
> resentment that he - a Harvard Law grad! - was
> making a civil
> servant's salary while all those Wall Street guys
> were raking it in.
> So how do you turn that resentment into policy? By
> arresting a bunch
> of losers while letting the hotshots run wild.
>
> Doug
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