talk is cheap

If someone at Facebook did whisper in the ear of the underwriters’ analysts about the earnings, and those analysts then used this material, non-public information for the basis of rethinking their estimates, and the clients of the banks then altered their orders for Facebook shares while in possession of this information, we have the makings of an insider trading case.

—Facebook Forecast Scandal’s Big Question: Insider Trading? - CNBC (via felixsalmon)

(via ftalphaville)