Insider trading shouldn't be illegal, but, sadly, many in the US are prosecuted for it. That is unless you reach a certain power level, which seemingly causes the SEC to look the other way at possible insider trades. It appears that Warren Buffett has been given a pass for many years. His investment in Goldman Sachs at the height of the recent financial crisis, just before the government announced a bailout of Goldman and other investment banks, is highly suspicious. The purchase sure looks like a crony government-Buffett deal.
Early on I raised questions about Buffett's timing on his recent Bank of America purchase. Now, NyPo is featuring questions about Buffett's timing: