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July 22, 2005
insider trading
Renee Rivkin is jailed for one count of insider trading. Steve Vizard receives a slap on the wrist for his three counts of insider trading, whilst he was a director of Telstra. So he was dishonest.
I reckon Pryor misses the point on this:
It is the corporate regulator, the ASIC, who should be in the dock for striking a cosy deal and for letting Vizard walk.
Why not jail--periodic detention---like Rivkin? The ASIC wimped: it requested only a five year ban on directorships and less than the maximum fine per offence of $200,000.
Commentators talk about Vizard being punished through the loss of reputation in political and business circles. What about the reputation of ASIC as a regulator being in tatters? Didn't Vizard create an elaborate corporate structure to avoid detection? Doesn't that indicate intent?
Posted by Gary Sauer-Thompson at July 22, 2005 02:12 PM
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