From the NYT:
Added Stephen M. Bainbridge, an insider trading expert at the University of California, Los Angeles School of Law: “It’s always been a problem to gerrymander insider trading into fraud.” ...
The best limiting principle might well be a statute. “I think the law should be clear rather than vague,” Professor Bainbridge said. “The law ought to put you on notice what you can and cannot legally do.” This seems especially true when a person convicted of violating it faces jail time.
