Unfortunately, from what I can see from my vantage point as the U.S. Attorney here, illegal insider trading is rampant and may even be on the rise.
Insider trading tells everybody at precisely the wrong time that everything is rigged, and only people who have a billion dollars and have access to and are best friends with people who are on boards of directors of major companies - they're the only ones who can make a true buck.
The aggressive use of wiretaps is important: It shows that we are targeting white-collar insider-trading rings with the same powerful investigative tools that have worked so successfully against the mob and drug cartels.
In some respects, inside information is a form of financial steroid. It is unfair: it is offensive; it is unlawful; and it puts a black mark on the entire enterprise.
Significant officials at publicly traded companies are casually and cavalierly engaged in insider trading. Because insider trading has as one of its elements communication, it doesn't take rocket science to realize it's nice to have the communication on tape.
From coast to coast, the FBI and Securities and Exchange Commission have ensnared people not only at hedge funds, but at technology and pharmaceutical companies, consulting and law firms, government agencies, and even a major stock exchange.
