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Finance: What are Insider Trading And the Securities Fraud Enforcement Act Of 1988? 11 Views
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Description:
What is insider trading and the Securities Fraud Enforcement Act of 1988? It's nothing too complicated, if this minute long video is any indication.
- Social Studies / Finance
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Transcript
- 00:00
Finance a la shmoop what is insider trading and the securities fraud
- 00:06
Enforcement Act of 1988? all right well the Securities and Exchange Act of 1934
- 00:12
aka the 34 Act made it formally illegal to use inside information in trading
- 00:20
stocks amazingly that used to not be illegal or at least not explicitly so [People gambling]
- 00:26
and it wasn't enforced investing was well a clubby white man's insiders gig
Full Transcript
- 00:31
and the boys took care of the boys well since people could make a lot of
- 00:35
money with insider information and thought they wouldn't get caught like [Boy peeing at a urinal]
- 00:39
well who's gonna know that I overheard the CEO of big company talking about a
- 00:45
merger in a Denny's washroom you know some folks pretty much ignored
- 00:49
the law well the 1988 law was basically Congress saying you guys were really [Congressman discussing the 1988 law]
- 00:54
serious about this so this new legislation added some hefty penalties
- 00:59
if you get caught as an inside trader people still trade on insider
- 01:03
information though and they still get caught and they go to jail and they lose [Jail door closes on man]
- 01:07
everything they have so he's got to realize some of us were just born to be
- 01:12
bad...
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