Tuesday, May 17, 2022

Confessions of a Wall Street Insider

Michael Kimmelman was charged with insider trading as part of the US government's investigation into Raj Rajaratnam. But the evidence against him was much flimsier than that against the other guys who were charged. Kimmelman claims to be innocent, wrongly included as a conspirator because he misjudged his business partners. In Confessions of a Wall Street Insider, he tells his story.

What happened to him is a nightmare. His career and family life basically go down the tubes because of his arrest and subsequent trial, through no fault of his own (according to him, anyway). The prosecutors played dirty, doing things like freezing his wife's bank accounts and following his family around in order to "encourage" him to co-operate.

I don't like how he portrays insider trading as a victimless crime, however. For example, those of us who are making a living at this thing legitimately are hurt by the guys who don't play by the rules.

I found it to be a very easy and fast read; it flows very well. I highly recommend the book to anyone interested in this situation.

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