Jack L. Treynor, MBA Biography

"...[L]aws against acting on inside information have two purposes: (1) to protect dealers and (2) to give investors the confidence that they are protected from people who know more than they do. If dealers play an essential role in making securities markets liquid, capitalist societies have a stake in protecting dealers. If people who feel protected from insiders are more likely to invest, capitalist societies have a reason for providing that confidence. So, capitalist societies are probably healthier with insider trading laws. But those laws don’t protect the little guy. Instead, they protect some rich, powerful big guys—dealers..."