> so called 'insider trading' is a consensual crime: like drug use,
> there is no reason for it to be illegal.
>
I agree, but with one qualification: Sometimes insider trader involves the
breach of confidentiality in a situation where confidentiality is
contractually required. In those cases it is at least a civil offense,
breach of contract. But contract law has been around forwever and does not
require the existence of the SEC.
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