In a recent tweet, my old friend Alan Reynolds plugged a 2003 op-ed article (“The Case for Insider Training”) by Henry Manne railing against legal prohibitions against insider trading. Reynolds’s tweet followed his earlier tweet railing against the indictment of Rep. Chris Collins for engaging in insider trading after learning that the small pharmaceutical company (Innate Pharmaceuticals) of which he was the largest shareholder transmitted news that a key clinical trial of a drug the company was developing had failed, making a substantial decline in the value of the company’s stock inevitable once news of the failed trial became public. Collins informed his own son of the results of the trial, and his son then shared that information with the son’s father-in-law and other friends and acquaintances, who all sold their stock in the firm, causing the company’s stock price to fall by 92%.
Reynolds thinks that what Collins did…
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Utopia, you are standing in it! 
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