• Classroom Insiders with Karen Woody

  • De: Karen Woody
  • Podcast

Classroom Insiders with Karen Woody

De: Karen Woody
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  • Resumen

  • Join Karen Woody and her Insider Trading Seminar students from Washington and Lee University as they explore the arc and evolution of insider trading over the last century. Each episode will feature a discussion between Karen Woody and a student about insider trading and regulation. Find out what the future lawyers of the university think about past and current legislation, and learn more about this fascinating area of law.
    2021
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Ciencia Política Economía Política y Gobierno
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Episodios
  • Acknowledging Misappropriation Theory

    Acknowledging Misappropriation Theory
    Mar 11 2022
    Andrew Pompa is 2L at Washington and Lee University with a background in economics and finance. Though his career path is undecided, he is very interested in securities regulation and insider trading. In this episode of Classroom Insiders with Professor Karen Woody, Andrew explores how misappropriation theory became legitimized by the court as a proper theory.  Andrew shares the differences between misappropriation theory and the classical theory of insider trading. In the classical theory, liability is premised on a breach of fiduciary duty, whereas misappropriation premises liability on a breach of confidentiality in a way that encapsulates people who would be deemed corporate outsiders. Carpenter v. SEC paved the way for the court’s acknowledgement of misappropriation theory. Carpenter was an individual who received information from a Wall Street Journal reporter and traded it to stockbrokers, making roughly $690,000. The SEC successfully argued in the lower court that Carpenter and his accomplices breached a duty of confidentiality towards Wall Street Journal on the premise of misappropriation theory.  Resources Karen Woody on LinkedIn
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    32 m
  • Exploring Misappropriation Theory

    Exploring Misappropriation Theory
    Feb 25 2022
    Derek is 2L at Washington and Lee University with a background in K-9 search and rescue in California. He now balances being a law student, pet owner for a retired working dog, husband, and father. In this episode of Classroom Insiders, Derek discusses misappropriation theory and how it came about.  Justice Powell believed that the idea of equal access to information was not practical in relation to reality. While it may have been the ideal, the disclose-or-abstain rule was not a pragmatic approach to regulating insider trading, as no one would ever have equal access to information across the board. Powell expressed this in his ruling, arguing that if equal access to information was required, there wouldn’t be many people trading. According to Justice Powell, misappropriation theory was an extension of insider trading regulation that was beyond of the SEC’s authority and the existing understanding of insider trading regulation. Unfortunately, he retires after convincing some of his colleagues to vote against it. As he was no longer on the bench, he could not contribute to the tied 4-4 voting results, so the Second Circuit’s opinion stood by default. Resources Karen Woody on LinkedIn
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    36 m
  • How Chiarella and Carpenter Became the Watershed For The SEC

    How Chiarella and Carpenter Became the Watershed For The SEC
    Feb 11 2022
    Lillian is a second-year student at Washington and Lee and will be working at a civil litigation firm. She plans to work in the field of civil law. In this episode of Classroom Insiders, Lillian discusses how the cases of Chiarella and Carpenter impacted the SEC, and insider trading regulations.  Chiarella came about when an employee of a financial printer company broke codes that concealed the names of companies involved in tender offers, then purchased shares from those companies before the bid was announced. In this case, Justice Powell introduced fiduciary duty as the reason individuals needed to disclose or abstain. Years before Chiarella, the SEC knocked down case after case of insider trading in favor of the government. Chiarella was Powell's first opportunity to challenge the SEC'S policy of equal access, as well as crack down on the SEC'S attempt to broaden the interpretation of insider trading. Because Chiarella was not an employee, director, or officer of any of the companies whose stock was traded, there was no violation of securities law under that.  Misappropriation had a part to play in the case of Carpenter and The Wall Street Journal columns. Information on what dates and times certain columns that affected the stock market would be published were traded from Winans to his clients via Carpenter. Justice Powell himself requested to hear the case with the intention of dismissing misappropriation theory as a whole. Justices Rehnquist and O'Connor joined his descent but Powell retired before the case could be heard by him. This caused the Supreme Court to be split on whether misappropriation was valid for liability being imposed on Carpenter. In Powell's memos, it's stated that he wanted to reject the theory of misappropriation for insider trading under 10B5. Resources Karen Woody on LinkedIn
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    29 m
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