The United States attorney in Manhattan, Preet Bharara, and United States Attorney General Eric H. Holder Jr. are hyping their efforts. “Illegal insider trading is rampant and may even be on the rise,” Mr. Bharara pronounced in a speech in October. The feds are raiding hedge funds and publicly celebrating their criminal investigations related to insider trading. Nobody from Lehman, Merrill Lynch or Citigroup has been charged criminally with anything. No top executives at Bear Stearns have been indicted. All former American International Group executives are running free. No big mortgage company executive has had to face the law.
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