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...line, though, between legitimate information-gathering and illegal insider trading is hardly a clear one. Technically, no laws ban trading on non-public information; prosecutions are based on legal theories that were developed in earlier court cases. "It's one of those areas where the courts say, 'I know it when I see it,' " says Gerald Lefcourt, a white-collar criminal defense lawyer in New York and past president of the National Association of Criminal Defense Lawyers. (See pictures of the top 10 scared stock traders...
...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...
...dual quests to make search more dynamic and crawl its way into Google's monolithic grill. At the Web 2.0 conference in San Francisco, the company's digital head, Qi Lu, announced that three-month-old Bing had reached an agreement to crawl all of Twitter's public results in real time. Bing's Twitter search - Bing.com/Twitter - is already live...
...from launch. But it does change the day's big-picture winner. That would now be Twitter. Neither Microsoft nor Google revealed the terms of their Twitter deals, but the critical point is that there were terms. For Twitter, and more importantly for its investors, that means selling its public data is the beginning of a revenue stream. And while the search giants battle over how best to aggregate that data, Twitter can celebrate the fact that companies with very deep pockets are willing to compete for the honor...
...after more than 25 years of virtually futile AIDS-vaccine research, the investigators involved in the Thai trial believe that their findings, while admittedly "modest," offer unprecedented leads to follow. "To quote from our recent history, this is a 'Yes we can' moment," Michael says. "It is not a public health breakthrough, [and] there is not a vaccine around the corner. But the door has finally been cracked open...