Wednesday, February 9, 2011

The Preet Bharara Spin

U.S. Attorney Preet Bharara, continuing to make a name for himself in announcing the arrests of more individuals for the non-crime of insider trading, may come close to hitting the nail on the head during his press conference when he said, but hit his thumb instead:
They took the concept of social networking and turned it into a criminal enterprise.
That's what expert networks are all about, developing networks of people, in something akin to a social network, to insure more information gets into the marketplace about publicly traded stocks. That Bharara considers this criminal is bizarre. All it does is make the markets more efficient. It wasn't those that used expert networks that turned this into a crime, it's the headline seeking Bharara and the SEC, who really don't have the balls to go after real criminals, such as the Social Security ponzi scheme operators.

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