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Old 06-14-2009, 03:42 PM
 
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Quote:
Originally Posted by sanrene View Post
To qualify a potential crime based on if he made money or not, is not the issue. It makes not one bit of difference. The issue is if he sold his stocks based on information he received in a debriefing.

I don't know if this is the case. Can you point this out in the statute?

EDIT: Never mind. Texdav made a good point about ethics violations. However, do ethics violations count as a crime?
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Old 06-14-2009, 03:49 PM
 
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Originally Posted by delusianne View Post
Sorry, was it illegal?

This doesnt say what his funds held or what stocks he held.

He didnt do any better with Berkshire Hathaway, haha.
the only reason he didn't do better with berkshire hathaway was the timing as berkshire notes that back in 2006 it paid about $690 million in federal tax on capital gains. Berkshire says the payment can only be fully recovered "if capital losses of at least $1.98 billion are taken in 2009." they are taking losses now to avoid federal taxes. big surprise! i am assuming that he is not planning on selling the stock anytime soon however.

Last edited by fauve; 06-14-2009 at 03:56 PM.. Reason: Used edit instead of reply.
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Old 06-14-2009, 03:56 PM
 
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Quote:
Originally Posted by floridasandy View Post
the only reason he didn't do better with berkshire hathaway was the timing as berkshire notes that back in 2006 it paid about $690 million in federal tax on capital gains. Berkshire says the payment can only be fully recovered "if capital losses of at least $1.98 billion are taken in 2009." they are taking losses now to avoid federal taxes. big surprise! i am assuming that he is not planning on selling the stock anytime soon however.
Is that all? The fact that Berkshire's holdings were decimated in the crash had no effect on share price?
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Old 06-14-2009, 04:09 PM
 
Location: Chicagoland
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Quote:
However, do ethics violations count as a crime?
Insider trading is also a crime.
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Old 06-14-2009, 05:08 PM
 
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^^^I agree.

Can you show me in the insider trading statute where no profit is necessary for it to be considered a crime? It may very well be, but it may very well be not. I'm not trying to excuse insider trading by any means. Just wondering if it can technically be considered a crime if there is no quantifiable measure supporting the charge.
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Old 06-14-2009, 05:11 PM
 
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no profit has to be realized for it to be a crime. it is extremely difficult to prove insider trading, however.
http://www.dlapiper.com/files/upload/NYLJ_July08.pdf
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Old 06-14-2009, 06:16 PM
 
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Quote:
Originally Posted by floridasandy View Post
no profit has to be realized for it to be a crime. it is extremely difficult to prove insider trading, however.
http://www.dlapiper.com/files/upload/NYLJ_July08.pdf
Great article, but each example refers to "illicit gains," which further makes me think that this phrase may come straight from the statute. They even cite a case where the couple had a $9,000 gain and were still prosecuted "even though" the illicit gain was so small. I would think they would have found an example where there were no illict gains as a better example of how far the statute is reaching. I have just never come across a prosecuted white collar crime that had no quantifiable gain, so am suspicious.
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