[quote=sdgrrl]Did anybody catch Cramer talking about Bear Stearns and how he had spoken to to the top guys and how they were his friends and that they essentially promised him that all would be well. Cramer many times said over and over how close he was to these people; I think with one guy from BS he said he knew him for 20 years.
[/quote]
This isn’t your point, but it reminds me of one of Buffett’s great quotes: “With enough inside information and a million dollars you can go broke in a year.”
This is so true. Which is why I generically don’t have a problem with folks trading on inside information. Most inside information relates to M&A and probably half of all deals blow up in the last few days before the transaction is supposed to be announced (and folks acting on this information end up blowing themselves up). Inside information is probably the most overrated “advantage” in the financial markets. At the same time, I understand the need – from a “marketing” standpoint – for the exchanges to appear to be operating on a level playing field.
