Bloomberg claims “New research shows insider trading is everywhere”

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Full article here.

Gems include:

“In 2008 a group of quants from Citigroup Inc. published a paper that found a portfolio mirroring insiders’ trades could yield an astonishing 23.5% a year, more than all but the most profitable hedge funds.”

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““There is a lack of appreciation for the amount of opportunistic abuse that exists under the current system, the amount of egregiousness,” says Daniel Taylor, a professor at the Wharton School and the head of the Wharton Forensic Analytics Lab. “Most Americans today believe the stock market is rigged, and they’re right.””

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On one hand, everyone basically already knew this. On the other, it seems like there is zero momentum to do anything about it.

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