Summary of Circle of Friends
CIRCLE OF FRIENDS: The Massive Federal Crackdown on Insider Trading – and Why the Markets Always Work Against the Little Guy by Charles Gasparino. Copyright © 2013 by Charles Gasparino. Published by arrangement with HarperBusiness, an imprint of HarperCollins Publishers
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In 2007, “Perfect Hedge” – one of American history’s most extensive insider-trading probes – investigated a “circle of friends” based in some of the most respected hedge funds, investment banks and Fortune 500 companies. In this compelling tale of intrigue, deception and scandal, financial journalist Charles Gasparino reveals how prosecutors uncovered an ecosystem of corruption. But Gasparino also raises important questions about how much harm insider trading really inflicts on individual investors, compared to other types of financial fraud. While noting that the book dates to 2013, so some factors may have changed, getAbstract recommends this rigorously reported narrative to professional and “little-guy” investors alike for its dissection of the inner workings of inside-information cliques.
In this summary, you will learn
- Why insider trading is a crime in the United States;
- How the US government prosecuted an extensive insider trading ring; and
- Why some observers question the criminality of insider trading, compared to other forms of financial market fraud.
About the Author
Charles Gasparino is a correspondent for the Fox Business Network and the Fox News Channel, and a columnist for The New York Post and other news outlets.
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