As reported in the Wall Street Journal today, U.S. Attorney Preet Bharara "told the audience–filled with white-collar lawyers and others–that he believed “illegal insider trading is rampant,” according to a copy of his prepared remarks. “And the people who are cheating the system include bad actors not only at Wall Street firms, but also at Main Street companies."
Bharara went on to say:
“Fair and efficient markets depend, ultimately, on public information and honest dealings and enforced rules. And every cheater— whether he trades on inside information or manipulates the market or makes misrepresentations—cheats every other participant and offends the principles of the market that honest players live by and make their living on.
“Unlawful insider trading should…be offensive to everyone who believes in, and relies upon, the market. And it is an affront not only to the fairness of the market but also to the rule of law.”
“Now I am told there are some people who don’t see what all the fuss is about. Insider trading, they suggest, is not a particular scourge and is a poor pick as a priority for law enforcement. I know that no one in this room thinks that. (Perhaps that’s because you all have bills to pay.)”
Unfortunately, many of us have known for a long time that this game is probably fixed against the little guy. It's a zero-sum game. While the hedge funds and individual professional speculators made billions in 2008, it appears that many of these people who did so well had a hand in designing the products that seem to have been meant to fail, sold to us, by them.
There's got to be a better way. This market is not for the average person. Unless you have billions and super smart computer wizzes designing software to make your trades, you don't stand a chance. Get out before it's too late.
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