Here is what we are reading:
Determining the Victims Of Insider Trading (DealBook) - The guilty plea hearing last week in the Justice Department’s prosecution of SAC Capital Advisors raised an interesting question about the law of insider trading: Just who are the victims of a violation? A provision of the federal securities laws gives those who traded at the same time as the insider a right to sue for a violation, but the Justice Department said they are not victims of the crime. At the hearing, the firm’s general counsel, Peter Nussbaum, expressed “our deep remorse for the misconduct of each individual who broke the law while employed at SAC.” But even though SAC admitted guilt, the plea agreement has not been approved yet by Judge Laura Taylor Swain of the Federal District Court in Manhattan.
JPMorgan Considering Chat-Room Ban (Crain's New York) - JPMorgan Chase & Co., the largest U.S. bank by assets, is weighing whether to ban traders from using electronic chat rooms to communicate with peers at other firms as the forums draw scrutiny from global regulators, according to a person with knowledge of the matter. JPMorgan's deliberations, which should be complete by early 2014, focus on multi-dealer chat rooms for currencies and other asset classes, said one of the people, who asked not to be identified because the talks are private. Royal Bank of Scotland Group Plc, Britain's biggest publicly owned lender, is also reviewing its use of chat rooms as part of an overhaul of its trading practices around market benchmarks, another person said.
Businessman Convicted In Phony Deed Scheme (Orange County Register) - A Long Beach man accused of seizing distressed Southern California homes and renting them out as his own was convicted Wednesday of five felony counts of recording false real estate documents.
Have White Collar Crimes Become Overcriminalized (NY Times) - If we intend to punish people, shouldn't we reasonably expect that they knew their actions were crimes? We all know that murder, rape and robbery are criminal acts. And there was never any question that Bernie Madoff’s Ponzi scheme was a fraud that violated the law. We even know that speeding on the highway can result in a speeding ticket, but we still post speed limit signs.
White Collar Brawlers (Esquire) - Esquire Magazine is launching a new television network and one show allows office co-workers to slug it out in the ring. Check Your local listings for the show which starts Nov 19.
Google Designs Throat Tattoo That Detects Lying (Business Insider) - The electronic skin tattoo 200 can include a galvanic skin response detector to detect skin resistance of a user. It is contemplated that a user that may be nervous or engaging in speaking falsehoods may exhibit different galvanic skin response than a more confident, truth telling individual.