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...case law maintains that two main things must be established for an act to be illegal insider trading. First, the information in question must be material and non-public. Second, revealing or trading on the information must entail knowingly breaching a duty of "trust or confidence." This can be a fiduciary duty, which an officer of a company would have to a firm's shareholders (perhaps an Intel managing director), or - as the Supreme Court has more recently found - a lower-level employee who has a broader duty to not share, or personally benefit from, his firm's proprietary information...

Author: /time Magazine | Title: Arrests Open a Window on Hedge-Fund Culture | 10/21/2009 | See Source »

...popular secret ingredient in patent medicines with colorful names like "The People's Healing Liniment for Man or Beast" and "Dr. Fenner's Golden Relief." To prevent more of the country from being washed over with a morphine-induced golden relief, the government introduced the Pure Food and Drug Act in 1906, creating the Food and Drug Administration. While it didn't apply to marijuana and merely brought the distribution of opium and morphine under doctors' control, the regulation of chemical substances was a major shift in American drug policy. (See pictures of cannabis culture...

Author: /time Magazine | Title: Medical Marijuana | 10/21/2009 | See Source »

...pointed out another dividend, this one political: to help the Administration draw a clear distinction from its predecessor for the benefit of left-leaning Obama supporters angered with the continuing war in Afghanistan and the renewal of the U.S. Patriot Act...

Author: /time Magazine | Title: Justice Won't Go After Medical-Marijuana Users | 10/20/2009 | See Source »

...like your father,” he said, “or maybe you’ll be better.” For much of the play, Nee-Vogelman and Giuliani worked extremely closely with each other, and the sexual tension is palpable. However, when they finally did act upon their desire, it seemed that the previous awkwardness dissipated a little too soon, making the scene less meaningful than it could have been...

Author: By Marissa A. Glynias, CRIMSON STAFF WRITER | Title: ‘Proof’ Proves Math Is Moving | 10/19/2009 | See Source »

...minorities that, together, make up almost half of Iran's population - the authorities were quick to blame the attack on outsiders. Besides condemning alleged Western support for Jundullah, the Iranian government sharply criticized Pakistan, from whose territory the bombers were said to have entered Iran, and demanded that Islamabad act against the group...

Author: /time Magazine | Title: Why a Bombing in Iran Could Be Bad News for Obama | 10/19/2009 | See Source »

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