Wall Street: On the Inside Track

The insider — an officer, director or major stockholder of a corporation —is a powerful cog in the complicated machinery of business, usually privy to a company's secrets and aware of important developments before the public hears of them. Most insiders, of course, are also aware of their responsibilities and careful in their dealings, but the Securities and Exchange Commission has become increasingly concerned about possible abuses. Last week, the SEC threw a glaring light on the insider's role in a case that involved one of the hottest business developments of recent times: the announcement last spring of Texas...

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