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Gretchen Morgenson reporting/opining on insider trading



The NYT indulges Gretchen Morgenson with a major page 1, above-the-fold story on supposed insider trading in connection with mergers. As I discuss here, the story is misguided mix of bad law, bad economics and slanted analysis. Worst of all, by putting its financial columnist front and center on the news page, the Times deliberately obscures the important difference between news and opinion. The story is of interest because it calls, among other things, for increased policing of trading on non-public information which could decrease market efficiency.

 

 


Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.