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Andy McCarthy On The Insider-Trading Case
Nov 25, 2010
Andy McCarthy was a federal prosecutor in the Southern District of New York, which is where many financial cases are tried. Thus, he speaks with some authority when he explains what he dislikes about "insider trading" cases, such as the mammoth case that the current U.S. Attorney for the Southern District is apparently launching. He understands, if only implicitly, that the whole conception of "insider trading" arises out of the absurd construct called "perfect competition." He speaks of "the government's farcical belief that you can somehow create a marketplace that is perfectly fair and equal." I think his inclusion of the word "fair" grants too much to the concept of "perfect competition." But apart from that he offers an eloquent critique.