Tuesday, September 24, 2013
Matt Levine at Bloomberg sends up the latest idiot insider trading charged by the SEC. Not only are these guys trading in single stock options (save me, please), but the SEC tied the noose on them by tracking their Metrocard usage! Levine asks the right questions:
*** Like, wait, does the MTA track Metrocard use and associate it with a credit card? Or did they only catch these guys by saying "hey can we look at your Metrocard for a minute?"? Or what?
What struck me about the alleged trading in this case was that one of the traders allegedly used the proceeds from their ill-begotten gains to finance his independent film production company. Aren't there easier ways to finance indy films? What happened to credit cards? Here's the complaint.