Saturday, January 16, 2010

The Story of a Snitch

WSJ's Susan Pulliam has breaking news on David Slaine, a former Wall Street trader, turned snitch.

The FBI caught Slaine trading on inside information, squeezed his balls and got him to wear a wire. With the wire on, he gets his (former?) friend, Craig Drimal, to tell him about insider deals.
The WSJ report on Slaine is extensive and details Slaine's role as snitch. Bottom line: More
are likely caught in the web.

Of course, many do not consider this type of insider trading something that should be illegal.

There is no question, however, that a Congressional leader that trades on information, while setting policy, is a horse of a different color. This kind of insider trading is considered illegal, immoral and disgusting by all. But does the FBI have the balls to go after this kind of case, or do they just go after loser schmucks with no political clout?

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