Insider trading continues to go mainstream of late.
First it was President Obama specifically denouncing the potential for legal insider trading by Congress in his State of the Union address, and telling Congress to "send me a bill that bans insider trading by Members of Congress, and I will sign it tomorrow."
This week, Time Magazine gives its cover to Preet Bharara, the U.S. Attorney for the Southern District of New York. The story highlights Bharara's tactic of bringing "Mob Squad Justice" to Wall Street, e.g, using wiretaps to build insider trading cases. For example, the author notes Bharara's
success in getting a wiretap not for a single line, but for a conference call line. That enabled Bharara to listen in on 93 people for whom the government admitted it did not have probable cause to believe they would use the line for a crime. One case is on appeal to the Second Circuit Court of Appeals based after the warrant was upheld at the district level, and it could go to the Supreme Court.
Check out Preet Bharara, the man "Busting Wall Street" below.
