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Insider Trading Firm Not Interested In Hiring You Unless You Already Have A Job

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We’re all hoping/confident that all of our country's job problems will be solved tonight, because it is not easy to be unemployed. There’s the loss of income, the decay of skills, the effects on self-esteem, and the fact that it’s harder to get a job once you’re already out of work. But for some people there’s another, even more insidious danger: you could lose the ability to supplement your income with a little insider trading on the side.

At least that was true at Primary Global, according to former employee Bob Nguyen, testifying at the insider trading trial of his ex-colleague James Fleishman:

“The financial crisis happened and we’re getting all these potential experts who aren’t working,” Nguyen said. “The message was we should be recruiting people who are at publicly trading companies,” he said. “The reason was, they said, they were ‘more insightful.’”

Unemployed would-be insider-trading tipsters might want to lobby their congressman to pass a proposed law prohibiting discrimination against the unemployed.

Primary Global Recruited From Publicly Traded Companies, Ex-Analyst Says [Bloomberg]