Blue Horseshoe loves Anacot Steel

Please.   If you are going to engage in insider trading, don't quote Wall Street in your coded e-mails.  I mean, everybody has seen that movie.  It's pathetic.  The SEC saw through that ruse and charged a couple of fraternity brothers (complaint).  The frat brothers allegedly tipped and then traded on inside information ahead of Sequenom's acquisition of Exact Sciences in January 2009:  

The SEC alleges that the patent agent tipped material, non-public information about the EXAS transaction to his brother, who relayed it to his fraternity brother Cohen. For example, the patent agent's brother sent Cohen an e-mail asking, "[a]ny word related to Blu H@rsesh0e? La Jolla says the times are ripe." The movie Wall Street uses the phrase, "Blue Horseshoe loves Anacot Steel," as a code for insider trading. "La Jolla" references the fact that the patent agent lived and worked near La Jolla, Calif.

Over at Fortune there is a short insider-trading quiz that everyone should take.  Stop what you're doing and take it.  Consider it continuing legal education. (h/t Deal Journal)  

-bjmq