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David Sokol and the Protestant Ethic

There are some articles out there suggesting that insider trading is OK because it gets information into the market and hurts no one.

Insider trading is hard to define, and the definition keeps changing. But its supposed utilitarian value in equilibrating markets doesn’t mitigate what’s repugnant about it: the ability to make money without hard work.

As with fiat money, the making of a buck without labor and effort, if that’s what happened with Galleon and Sokol — that’s the disturbing part, the violation of the work ethic and the benefit of privilege. I suppose it’s what Marx found disturbing about capital, but worse.

There are many utilitarian actions that society doesn’t allow for moral or ethical reasons.

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