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Unfortunately the headline is mistaken. Insider trading law was only ever intended to reserve for senior executives the privilege of trading on inside information. This latest interpretation is a confirmation of that purpose, not a repudiation of it. Bharara has been a true believer, but if he's going to stray from the South Asian beat, he's going to have to learn the real rules.

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What does "if he's going to stray from the South Asian beat" refer to?

Perhaps I'm influenced by those cases that the news media has chosen to publicize. Clearly Mathew Martoma would still be "guilty" under the newly-clarified rules. I really wonder about e.g. Raj Rajaratnam, Anil Kumar, or Rajat Gupta, however.

Didn't Gupta sit on the board of public corporations and slip Rajaratnam earnings information right after a board meeting? That seems about as clear-cut as it gets. Gupta had a clear duty of confidentiality serving as a high-level executive and the information was obviously material to the share price. You don't get much more material than quarterly earnings.

probably just your standard garden-variety racism.

By observing that the USA criminal justice system is racist, I am proving myself to be a "garden-variety" racist? Please, pay more attention.

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