Word: insiderism
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Dates: during 2000-2009
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Insider trading hasn't always been a crime. On the contrary, it was once considered logical and efficient to let any competitive advantage inform decision-making in the free market - a position many economic libertarians continue to embrace today. What some consider to be America's first insider-trading scandal...
The first real crackdown against the practice came in 1909, when the U.S. Supreme Court ruled that that a director of the Philippine Sugar Estates Development Company committed fraud when he bought stock in his company without sharing information with the seller that soon boosted its value. But it wasn...
The 1980s were a monument to Wall Street excess, witnessing some of the most notorious insider-trading prosecutions in history. Corporate raider Ivan Boesky - said to be an inspiration for the fictional Gordon ("Greed ... is good") Gekko, villain of the Oliver Stone film Wall Street - was sentenced to 3½...
These days, you don't have to work on Wall Street to get entangled in an insider-trading scandal - just ask Martha Stewart. The homemaking guru spent five months in prison in 2004 after a series of events triggered by her sale of $228,000 in shares of biomedical firm...
Meanwhile, a mastermind of one of the most elaborate insider-trading schemes in recent history remains on the lam. David Pajcin, a former Goldman Sachs analyst, pleaded guilty in 2006 of running a $6.7 million scam that authorities first detected when a retired underwear seamstress in Croatia earned $2 million...