but going back to a point i make...there are also lots of people are indeed trading on insider information but don't even know it, because they don't know the full spectrum of SEC insider rules.
there are millions of trades every day, by individuals, funds, even computers trading on behalf of people. its simply impossible for the SEC to know what each party understands or should understand before they transact. the antidote to this is near-full transparency in financial reporting...instead of trying to keep track of who knows what secrets, the SEC errs on the side of no one having secrets for long (disclosure)
there are millions of trades every day, by individuals, funds, even computers trading on behalf of people. its simply impossible for the SEC to know what each party understands or should understand before they transact. the antidote to this is near-full transparency in financial reporting...instead of trying to keep track of who knows what secrets, the SEC errs on the side of no one having secrets for long (disclosure)