The Origins (and Billion-Dollar Bonuses) of Rule 10b-5 as America's Insider Trading Prohibition
Teacher's Manual available
268 pp $32.00
Fairness, Inc. traces the history of the American insider trading prohibition, beginning with the adoption of the laws that federalized securities regulation and continuing up through the present. Along the way, its thirteen chapters consider measures adopted and rejected by Congress, parallel provisions, the complete arsenal of prohibition weapons (private and public), and the accompanying spate of insider trading penalties.
Further, the book delves into history to focus on the people who helped shape the prohibition, as well as related legal maneuverings including the amendments to the FRCP that enabled class actions and the prolonged evolution of the insider trading "fine." Additionally, the book provides the highlights of the monies rewarded through insider trading actions, thus demonstrating that—by a conservative tally—billions of dollars have been rewarded by the aggressive use of the prohibition between 1968 and the present.
The book includes over 300 footnotes and 200 bibliographical entries explaining the origins of cites and rules, as well as basic concepts of securities law. Finally, the references to over 125 Rule 10b-5 cases are punctuated by full analysis of the key insider trading cases based upon review of lower court decisions, oral arguments, appellate opinions, and commentary thereon.