Insider trading is an ugly and unfortunate reality of the stock market - information is power, and if you have better information faster than anyone else you will have an edge in making money. Insider trading is unfair and distorts the functioning and confidence of markets, as such it is illegal in most jurisdictions and considered unethical by most. Raj Rajaratnam proved with his meteoric rise to wealth and power in the hedge fund business (Galleon Group) that good connections can be better than good analysis. Raj grew an influential network of contacts, and tempted a few close contacts to sell their souls - becoming key conduits of insider information for Raj's hedge fund trading operation. In the end, unsurprisingly, Raj attracted the attention of the authorities and inevitably slipped up and was convicted and sentenced to 11 years in prison and fined $150 million.
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Finance Documentaries: http://www.financedocumentaries.com/2012/07/american-greed-insider-trading.html