JP,
You are right but you miss the main point.
> so called 'insider trading' is a consensual crime: like drug use,
> there is no reason for it to be illegal.
Insider trading is not at all a crime (consensual or otherwise). It is
the whole point of having markets. Markets serve as a means of making
economic use of dispersed information. Markets are not some sort of
tabula rasa gambling game where everyone is supposed to be equally
clueless. They are specifically means to make use of information that
few people possess ("insider information"). To prohibit insider
trading is tantamount to prohibiting the markets from performing their
most useful function (as well as violating the individual rights of
those concerned). The contemporary acceptance of this phoney "crime"
is only possible because of near total ignorance of basic economics
by most of mankind.
The only case in which insider trading is objectionable is when the
parties involved have signed non-disclosure agreements. And in that
case it is not the insider trading that is wrong but the breach of
contract.
Best,
CCS
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