Here’s Jim Chanos of $6 billion hedge fund Kynikos Associates talking with Bloomberg about the ongoing hedge fund probe. Mr. Chanos says he thinks “plain-vanilla” investigations of insider trading within companies are fine, but any moves to try to redefine inside information will face a tough battle.
“99.9 percent-plus of Wall Street is honest, does their job with ethics. Trillions of dollars changes hands every day on people’s word. A lot of people forget that.” He also says that the insider trading cases aren’t typically market-rattling events.
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