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- 2013-8-20
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4#
发表于 2013-4-8 22:44
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Maybe you don’t get it.
If you walk into a store with a gun and demand the money or you will shoot someone, you have committed armed robbery, an A felony in CT and probably every other state. It’s explicitly against the law and you go to jail for a long time.
If you hear some drunk guy talking in a bar about a tender offer and you decide that it might be legit, so you buy some call options you have done nothing illegal. You haven’t misappropriated the information and you didn’t owe any fiduciary duty to the company. If the SEC comes knocking on your door, you tell them you heard some drunk guy you never met in a bar and they will leave you alone.
That’s a pretty big difference. CFAI somehow thinks that taking advantage of someone else’s dereliction of their fiduciary duty is unethical because everyone else can’t do it. Huh? |
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