I’m out of the market (for now). I can’t shake the feeling that between corruption and manipulation, a simpleton like me doesn’t stand a chance.

As far as insider trading, I’d suggest more ethics training on the front end and severe penalties at the back. If you steal millions you’ve destroyed lives just as if you’d committed robbery or even murdered. Start putting white collar criminals in federal prison and hope for deterrent effect.

Who among us doesn’t cheat on our taxes?? I think the IRS would like to talk to that last caller.

Insider trading is illegal and those who cheat should rot in jail.

Except for cases such as corporate managers engaging in insider trading involving shorting their own company’s stock (and then driving the company into the ground) and other similar cases, insider trading is really a victimless crime. In fact an argument could be made that insider trading is good in that it encourages accurate pricing of stock. (Otherwise inside information which cannot be shared with the trading public does not going into price of the stock).

The SEC could better use their resources in going after actual FRAUD (like Bernie Madoff ) rather than targeting perceived “unfairness” and snagging people like Martha Stewart.

Short selling should be illegal as well. If you don’t won something, you shouldn’t be selling it.

The stock market should be a place where people invest in companies they believe have value and will return some of that value to the shareholders.

Short selling is nothing more than betting a company is going to hit the skids. Combine that with insider trading and the short sellers rip off all the honest stock holders.

My response to the caller “Jim?” No. I’m sorry, but, no. Speak for yourself! Maybe YOU do what “they” do on a smaller scale, but MANY of us do not. Please don’t give yourself the impression that we’re all a little dishonest in our lives and then use that as a justification for its acceptability.

I’ll speak for myself:

I am consciously honest and upfront in business, public, and private. If this has been a detriment to me, I do not regret it.

By all means Americans put your retirement money in the stock market.

It’s very safe there.

You’ll make lots of money just like the big boys do.

You will be rich just like they are.

Rich beyond your wildest dreams.

Insider trading is NOT a victimless crime.

- If the trader knows the company is in trouble, the stock they sell will be bought by someone without that information. That person LOSES.

- If the trader knows the company has something big coming, they buy low from someone who doesn’t have that information. When the price goes up, they get the profit that should have gone to the original seller; they would not have sold if they had the information the insider had.

Your WSJ guest, Zuckerman, was very good at glossing over the negative affects of insider trading on the market. That was a very well managed interview to give a one-sided perspective on the subject.

I don’t cheat on my taxes and I the caller who said “everyone does it” is showing the kind of mentality we have in this country. What kind of people are we when we can spend billions propping up the banks and the wall street fat cats and have no national health care system.

What is going on now in both houses of congress is a joke. Between Joe Lieberman and the conservative democrat’s who pushed through an amendment on abortion this bill is a mess. Sorry for going off subject, but I think it speaks to how dysfunctional we are as a nation.

The question is what kind of moral obligations do we as a society have? What is best fro the common good?

I agree with m abrams. I felt it was awfully one-sided. I felt like every other comment affirmed how insider trading is really “not that bad.” Okay, maybe it isn’t– but how can I make that call for myself if I don’t hear the other side of the argument?

Brian @ 10:58

Yes indeed. When did Americans become so gullible? And this gullibility is everywhere and stupefying in its depth.

It’s one thing for the old ladies listening to On Point and going tsk tsk tsk about somebody that got nabbed and then turn to check their stock recommended by the Beardstown Ladies or Motely Fool or some other shill for Wall Street. It’s quite another to have the common sense to do local investing which takes time and a conversation with your neighbors.

Gullibility and complicity are the two watchwords in the financialization of America.

A few will get hauled off in handcuffs. Most will fear any substantial change and that is why there is no outrage.

Putney, I don’t cheat on my taxes either, for two reasons: 1.) it’s simply wrong and 2.) I’d be scared to death to even try it. I would prefer not to spend several years bunking in a small room with a robust, well-muscled, heavily tatooed gentleman who persists in calling me by the nickname “Sweetie.” I would much rather see some of the “Masters of the Universe” who destroyed the economy and countless families’ dreams occupy that bunk instead of me.

Reading about Raj Rajaratnam, he belongs to the Tamil minority community of Sri Lanka that has been persecuted since independence from the British in 1948. He is a well respected gentleman, a philanthropist did not show racial differences helped both the Sinhala & Tamil community. A well regarded Sri Lankan newspaper reported that he is a “Living Buddha”.

The unfortunate fact is, when Tamils get targeted by Sri Lanka they go after all Tamils. As per previous commenter I also believe Raj Rajaratnam is a small fish in a big pond of insider traders in the US. In my opinion the investigation would only prove that he is if at all the most ethical “insider trader”. He would
have missed by the radar screen if he is not a Tamil the same way Martha Stewart would have missed
the radar if she is not a woman!! They are the unfortunate laws of nature.

Siva Ratnam,

and Ivan Boesky was persecuted because he was… an old white guy?!

Sometimes lawbreakers and cheats get caught. Are you suggesting the US justice department busted this guy because of the influence of the government of Sri Lanka?? Wow! I love this comment section!

I am not sure if you are aware, 300,000 Tamil people
ages from young to old behind the bared wires of
Sri Lanka. It is ten months since the war the catch phrase originated from the US! therefore viceversa is also possible in my view especially right now.

We live in the globe full of complex issues there are genuine issues, misrepresented issues leading to misconceptions, rightful and wrongful perceptions also GREY areas nothing seems to be in black and white no more! thx for you feed back

Siva,

In no way do I wish to diminish the plight of the Tamil people or the Tamil Tigers. I only wish to say sometimes a crook is just a crook.

No disrespect intended!

Cory, No probs. these are very sensitive issues for the Tamil plight right now behind the barbed wires. I had no idea who he is until I read he belongs to the Tamil community of Sri Lanka and a philanthropist, what do you expect under the circumstances with such laws of the land!.
There are so many selfish crooks around, he is only a little gold fish in the pond full of huge sharks brought about the economic down turn…..Good talking thx

It’s time for two stock markets: one for the fast traders and other slick masters of the universe who want to play in the wild West and another for those of us with longer time horizons who would trade a somewhat lower return for greater stability, transparency, and oversight. Companies should have to choose one or the other and investors could place their bets accordingly.

Of course inside traders should be prosecuted. Yea there are criminals in every country on earth and in every social stratum. Cory ..I agree with your self assessment. Mark S…many of us find no humor in jailhouse rape jokes, no matter who the victim.

I feel doubly cheated. The market is rigged, but the executives at large companies are just as corrupt and not concerned with their employees while still raking in million dollar bonuses. I work for IBM and am being laid off in a few weeks. Robert Moffat, also involved in this scandal, was in line to take over as CEO of IBM when Sam Palisano retires in a year or two. It is nothing but greed. Scandals such as this have far reaching effects even beyond some violent crimes, but the perpetrators get nowhere near the punishment.

Josh you could go postal in a hedge fund…
Maybe we should bring back stocks and tar and feathering…

Amazing enough we still have people pushing for a unregulated market.

Jane C. is probably the worst host on point can have for serious matters, her guest made it seem manipulating the market is fine as long as you don’t get caught and the fact the bush Admin managed to put our pensions and switch others to 401k has enable them to do it further.

Anytime tough regulations are talked about they do a media blitz and say your retirement, 401ks will fail if it pass and americans sheep fearful of losing money cowtows to them and stops regulations.

While these guys suck a %percent of there 401k, Mutual Funds,Stocks if you buy,sell, or hold the stocks there still getting paid, even if one were to try and get in the market and study a company,check their mission statements, and than invest they can easily have someone with inside information screw the value of the stocks they bought.

My friend just got his series 7 and works in wealth management and believes that when buying stocks it doesn’t matter what company it is but to make a quick profit, but through collage I was always informed and learn that it is supposed to be about beliving in the company and investing in it for the long term while getting some of the value back for your stock.

But alas the majority view holds short term greed before long term profit and with so many Americans now tied to a market that is slanted towards investment banks, and insiders, they will fear to lose there money and believe they can become rich for doing nothing so very little will change.

Jon S and Jim Cramer interview, where Cramer gets busted double talking and short selling, manipulating the market.

Jim Cramer interview your be surprised

http://www.thedailyshow.com/watch/thu-march-12-2009/jim-cramer-pt–1

This guys knew the crap that was happening

http://www.thedailyshow.com/watch/thu-march-12-2009/jim-cramer-pt–2

last part

Jon S and Jim C.

http://www.thedailyshow.com/watch/thu-march-12-2009/jim-cramer-pt–3

If things were reversed,

Dave Chappelle and wall street

http://www.comedycentral.com/videos/index.jhtml?videoId=219426&title=tron-carters-laworder

Rings true for our 2 tier court system.

I agree with Michael in disappointment with Jane C. She makes me miss Tom all the more – he would not let the guests get away with glossing over problems and unethical behavior. None of these crimes are victimless.

Further, one of the callers brought up that regulators could have/should have seen the sort of nonsense that was going on. The guests responded by saying it is a myth that hedge funds are not regulated. Well, that was not the point.

It frustrates me no end that these “experts” were not forced to address the caller’s issue – that regulators had the information to see wrongdoing and they chose to ignore it. (For me, this is not a complaint against regulators per se. Rather, it shows that the “regulators” have been captured by the financial industry. The regulatory system needs to be completely overhauled, with strong mandates, oversight, and penalties.)

WBUR needs hosts who are more interested in/capabable of grappling with real issues, not just facilitating conversations with defenders of the system.