From: Jeremy Rubin •ca>

From: Jeremy Rubin •ca> To: "Jeffrey E." <[email protected]> Subject: Re: New Yorker article on insider trading: Date: Sun, 01 Nov 2015 22:15:10 +0000 Also you mentioned last time there was something you were thinking about starting, but we didn't get too into it before everyone else arrived. What was it you were thinking? Pertaining to Mongolia? @JeremyRubin On Sun, Nov I, 2015 at 5:13 PM, Jeremy Rubin a wrote: Sure - semantically/morally, that is "stolen" information in the sense it is information taken without permission. Legally, it's another story... @JeremyRubin On Sun, Nov I, 2015 at 12:11 PM, jeffrey E. <[email protected]> wrote: no, classic example is i overhear the chairman of co A telling co B chariman about a deal tomorrow. I can use it. they didnt give it to me and more importantly they did not benefit from the transfer of that info. that is the newest wrinkle. to be prosecuted the court said that the insider had to make money from the transfer. it is the strangest ruling in securities law in decades. On Sun, Nov 1, 2015 at 12:06 PM, Jeremy Rubin a wrote: Isn't insider information always stolen? @JeremyRubin On Sun, Nov 1, 2015 at 11:50 AM, jeffrey E. <1 > wrote: very good, we have to be careful that the info is not stolen info. , ie belongs to the co. etc. otherwise patents etc could be traded . On Sun, Nov 1, 2015 at 11:31 AM, Jeremy Rubin a wrote: http://mmw.newyorIcer.com/business/currency cing-insider-trading-leN Of course you're probably much more up to date on such pieces than myself, but this seems like an interesting kernel to framework a cryptosystem around. If the item being passed is informations which you always forward through at least a few other people before unlocking the information, and then are able to use that information to trade well (eg, with some probability p of having success based on quality of information), it operates as a probabilistic payment system where you can exchange out of the system by trading stocks in traditional systems (so you *get" a payment some p percent of the time). Thoughts? @JeremyRubin EFTA00650026 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00650027