The law is an amazing tool, but it has limits. Good people, on the other hand, don't have limits. The law is not in the business of forgiveness or redemption. The law cannot compel us to love each other or respect each other. It cannot cancel hate or conquer evil; teach grace or extinguish passions. The law cannot achieve these things, not by itself. It takes people -- brave and strong and extraordinary people.
We have witnessed the most educated, successful, and monied professionals in the country put their companies - not to mention their own liberty - at risk by engaging in flagrant and foolhardy illegal conduct.
From coast to coast, the FBI and Securities and Exchange Commission have ensnared people not only at hedge funds, but at technology and pharmaceutical companies, consulting and law firms, government agencies, and even a major stock exchange.
Significant officials at publicly traded companies are casually and cavalierly engaged in insider trading. Because insider trading has as one of its elements communication, it doesn't take rocket science to realize it's nice to have the communication on tape.
In some respects, inside information is a form of financial steroid. It is unfair: it is offensive; it is unlawful; and it puts a black mark on the entire enterprise.
The aggressive use of wiretaps is important: It shows that we are targeting white-collar insider-trading rings with the same powerful investigative tools that have worked so successfully against the mob and drug cartels.
Unfortunately, from what I can see from my vantage point as the U.S. Attorney here, illegal insider trading is rampant and may even be on the rise.
Insider trading tells everybody at precisely the wrong time that everything is rigged, and only people who have a billion dollars and have access to and are best friends with people who are on boards of directors of major companies - they're the only ones who can make a true buck.
