Nothing surprises me more than when I read that trading on insider information is a victimless crime. In the wake of the conviction of hedge-fund giant Raj Rajaratnam, the claim has come up time and again. In fact, it is entirely untrue.
The REAL lesson most investors should take away from the largest institutional insider-trading investigation in history is that competition in the global financial markets is so intense that it's basically idiotic to trade.
Clinton betrayed the wisdom of Franklin Delano Roosevelt's New Deal reforms that capitalism needed to be saved from its own excess in order to survive, that the free market would remain free only if it was properly regulated in the public interest.
The big cop-out about the banking meltdown has been the argument by those most complicit that there was "enough blame to go around" and that no institution or individual should be singled out for accountability.
High frequency trading has been taking Wall Street by storm, and colloquial evidence suggests that a majority of high-frequency managers delivered positive returns through the most recent financial crises.
Wall Street has long forgotten how to spell "ethical" or "good," and replaced it with "compliant" and "legal."
The time has come to explain to investment banks what their responsibility and accountability are.