Permanently Reviving the Temporary Insider‪.‬

I. INTRODUCTION It is a sensible time to reevaluate insider trading law because big things are happening. In the ongoing Galleon insider trading proceedings, the SEC and the Department of Justice are prosecuting perhaps the biggest insider trading scandal in history. (1) The federal government has also recently brought unprecedented charges involving new instruments (credit default swaps), (2) new theories (18 U.S.C. [section] 1348), (3) and new defendants (employers). (4) Recent defendants range from famous billionaires, (5) to administrative assistants, (6) to foreign nationals working on Wall Street. (7) Cross-national cooperation among securities enforcers pursuing insider trading cases has never been higher. (8) Government regulators around the world seem to believe unanimously that insider trading must be blunted, and foreign governments are bringing unprecedented insider trading prosecutions. (9)