Someone bought 5700 ImmunoGen $21 calls yesterday.
This morning, AbbVie announced that they are buying out of $IMGN.
Whoever that is turned a $500k investment into $3.5 million in less than 24 hours.
This is how insider trading works.
Categories: economics
5 Comments
anonymous coward · November 30, 2023 at 6:58 pm
Thank the God’s they aren’t trying to use legal methods to save a thousand dollars on property taxes each year.
Divemedic · November 30, 2023 at 7:07 pm
Evasion is the unlawful nonpayment or underpayment of taxes. Avoidance is minimizing tax liability within the law.
I am using all of the methods that are within the law to avoid owing a tax.
Insider trading is illegal.
There is a key difference.
EN2 SS · November 30, 2023 at 10:58 pm
I’m probably wrong, but I think insider trading is legal for congress cretins.
Steve · December 1, 2023 at 8:32 am
No, you are right. The insider law they crafted specifically exempts Congress, substituting “Censure” as the consequence for insider trading under the theory that “The Honor of a Gentleman” will restrain the Congress person. (I’ll note a many laws Congress crafts have the same exemption, i.e. FOIA).
Because of that, I read of a business that specifically tracked Nancy Pelosi’s stock trades, and did the same thing. They made a lot of (legal) money from that.
Jester · November 30, 2023 at 7:44 pm
Only question is if that person was in congress or not to me. I’d bet they have those connections.
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