Originally published at: Musk and brother under SEC investigation for insider trading | Boing Boing
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Once again, the supposed best and brightest are just cheaters. I wish I were surprised.
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This doesn’t feel so much like a
situation because I don’t think I can muster even the pretense of surprise here.
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Fucking billionaires and they have to resort to breaking the law. Is this some kind of thrill-seeking behavior? Were they bored? Is this like when some adolescent girls go through a shoplifting phase?
I don’t understand this.
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No, they think they’re above the law because they have money. It’s not a phase for some who figure no matter what the offense, they’ll be able to afford the lawyers, accountants, etc. to get them out of facing major consequences. 
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It will be just as big a “surprise” when his fanbois show up here to defend him … again.
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Funding secured!
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Add in that if the expense of committing a crime is a fine (which it’s likely to be if they even get to that point at all), then it’s just the cost of business.
These fines are pretty much never the full sum of the ill gotten gains plus some percentage punitive damages, making the total a loss situation. Usually we see something like "oh, you made 330 mil doing evil! Bad bad! We’re assessing a “record breaking” fine of 39 mil (so your ill gotten profits are still in the hundreds of millions…).
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Old habits die hard.
Can someone explain exactly why selling shares is insider trading? How could one not ‘insider trade’ when you know every detail about the company? I assume he can only trade after public announcements, but since Tesla’s stock has been going up and up, I’m not following how he could have timed a sale that was based on private information.
Put another way, if he knew Tesla was going to underperform and he sold his stock before poor quarterly earnings, I could see that to be interpreted as insider trading. But Tesla has consistently over-performed … so selling stock after a quarterly announcement is expected, no?
I know everyone likes to dump on Elon here, and I agree that his Twitter BS is idiotic. But the man has done some amazing things and doesn’t deserve to be lumped in with the Koch Brothers, at least not yet.
Yeah, that’s quite an assumption right there.
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It’s insider trading when person A (e.g. a company’s CEO) gives privileged information not known to the public to person B (e.g. the CEO’s brother), who then trades on the basis of that info. If it’s discovered then both parties will be investigated and both may be found criminally liable.
The question I wonder about is why fanbois with Tesla stock keep defending Musk when his antics often cost them money. Cult of personality, I suppose.
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They are not just temporarily embarrassed millionaires but also temporarily on the wrong side of the scam.
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History too, in many cases
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How and why do you think these people get to be billionaires?
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