Len your WTC example definitely not insider trading IMO...
What happen if the terrorist actually shorted geenral market (QQQ, DIA, SPY) and many other big airline stocks before the crash... would it be considered insider trading...
The law is so grey .. I guess one lesson that I can give/learn is that if you are getting very excited on (hearing, seeing, or reading) an info then you might want to think twice (think about the potential conflict of interest)before you act on it.. (or even ask/email the SEC if you want to make sure it's ok)
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