Tim Geithner, I wish I could say that we will miss you, but I can’t.
As the attached article says, given how loose Geithner and Paulson were with information at the beginning of the financial crisis, anyone in jail right now for insider trading should be pretty upset.
(From The New York Post)
And I think it would be safe to assume Geithner was telling other banks as well, especially since rumors started spreading and the stock market moved mysteriously higher on Aug. 16, the very day of the telephone meeting.
Bottom line: The way Paulson, Geithner and probably others were treating confidential information means that the laws on insider information were essentially repealed by their actions.