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When Henry Manne wrote his famous article, In Defense of Insider Trading, following his classic book "Insider Trading and the Stock Market," insider trading was viewed as an immoral, unscrupulous, unfair, and vicious attack on the market and investors. The same, of course, is true today. The development of the justifications for outlawing insider trading date back at least to a 1910 article written by legal scholar H.L. Wilgus. Drawing on lawyerly appeals to the ideals of fairness and morality, Wilgus concluded that the practice of insider trading was morally offensive. Other legal scholars, namely Professor A.A. Berle, agreed with Wilgus and continued scholarly work supporting Wilgus' initial desire to outlaw insider trading.

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