Insider trading case could push congress to define a murky world
The New York Times
Almost every judicial opinion instantly becomes fodder for second-guessing by all affected parties. The winner typically extols the virtues of the court’s analysis, while the loser attacks the judge’s reasoning as flawed to the point of leading to catastrophic consequences.
Those views are on full display in the fight over the opinion of the United States Court of Appeals for the Second Circuit in Manhattan in United States v. Newman. This was the landmark ruling late last December that overturned the insider trading convictions of the hedge fund managers Todd Newman and Anthony Chiasson and raised questions about whether the government had overreached its authority in such cases. If the appeals court lets the decision stand, the question is whether Congress might step in to clarify the scope of insider trading law.