Insider trading involves trading in a public company's stock or other securities by employees with non-public, material information about the company. Insider trading can be either illegal or legal depending on when the insider makes the trade and the laws of the country the person is in.

THE PICTURE ABOVE COMES FROM AN ARTICLE (IN FRENCH/T: JULES LETAMBOUR) ON HOW THE POLITICAL ELITES CONTROL THE "MARKET". IN AUSTRALIA THE SMOKE AND MIRRORS ARE VERY SIMILAR AND THE PRICE OF YOUR FISH ISN'T THE SAME AS THE PRICE OF THEIR FISH.

BELOW: by Michael West

What !^#&49#(@&&? On the sly, without so much as sharing this sensitive financial information with the ASX or even its own shareholders, Origin Energy told its takeover suitors Brookfield and EIG how great its hedge book was doing. What’s the scam with insider trading?

The scam is insider trading is tops if you’re big cheese in the markets. But don’t try it at home; it’s supposed to be illegal. The AFR found it to be pleasing however. “Shareholders would have been pleased” they said because the tax shysters bidding for Origin plonked another half a billion in equity on the table.

Yes, but what about those Origin shareholders who had unwittingly just sold the stock, or those who might have bought some had they known about this intimate detail of Origin’s booming profits? At the final takeover price of $9 a share, said AFR, “there was about $5.6bn in hidden value sitting within Origin that the market failed to value”.

Ahem, the other way to look at it is 1. Brookfield isn’t planning on paying any tax any time so there’s billions in “value” there once it snaffles its prey, 2. Origin’s rosy hedge book was indubitably “hidden value”, truly hidden, and 3. the reason the Origin stock price has so majestically traded below the Brookfield bid price is because competition regulators the ACCC would have to be bonkers to approve this deal and hand over a huge chunk of the national electricity retailing and generation market (which Origin owns) on top of the electricity network assets (distribution and transmission) which Brookfield just bought when the ACCC let it take over AusNet just last year.

What next? ACCC approval for Brookfield and its bankers to drive a truck around Victoria and load up everybody’s wallets and ship  them straight to the Caymans?

READ MORE:

https://michaelwest.com.au/an-origin-original-how-good-is-insider-trading/

SEE ALSO:

https://www.academia.edu/39604728/

https://multinationales.org/fr/enquetes/cac40-le-veritable-bilan-annuel-2022/la-toile-du-cac40

As part of the 2022 edition of CAC40: the real annual report, we looked at the composition of the boards of directors of the CAC40. This is a total sample of 563 people (including those who joined the boards of directors of the CAC in 2022), 256 women and 307 men. This analysis highlights the density of the network of cross-links between managers and directors of the CAC40. It also illustrates the fabric woven by the CAC40, via these ties of belonging, in the rest of society, and in particular the actors who influence public debate: the media, think tanks, cultural institutions.

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