Does Andrew McCarthy of NRO Understand Trading on Insider Information?
I ask simply because of this statement:
The weekend edition of the Wall Street Journal (subscription required) indicates that Senate Majority Leader Bill Frist appears to have a very good defense to suspicions about whether he traded on inside information in selling his HCA stock. Specifically, there is a paper trail showing he set his stock sales in motion long before there was a public warning about earnings expectations.
If the information that insiders knew were publically available, it would not be insider information.