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The Joe Lewis thing

Last week, Lewis was forcibly shoved into the limelight he has long sought to avoid. On Tuesday night, the US attorney for the Southern District of New York, Damian Williams, released a statement revealing that his office had indicted the businessman for allegedly “orchestrating a brazen insider trading scheme”.

To prove this they’ve got to prove he had insider information. Take the Oz cattle company. If the CEO called him up, as an investor, to say “The cows have dronwed” and he traded then that’s inside information. If he looked at the weather, saw where the land holdings were, assumed that Daisy was hooves up in the river and traded then that’s not inside information, that’s being well informed.

Insider trading does involve a breach of fiduciary duty after all…..

7 thoughts on “The Joe Lewis thing”

  1. Joe Lewis is 86 years young.

    Even assuming these allegations have any merit (doubtful, it’s a New York prosecutor, might as well trust a Zimbabwe government official) what is the point of prosecuting a man who very probably won’t be around to see the end of that process?

    Anyway, it seems to be a safe assumption that Joe Lewis neglected to contribute sufficient sums of money to the Democratic Party. And perhaps that’s his real crime.

  2. Regardless of his actuaal innocence or guilt, he has made an appalling error in going to the US. Why take such an incredible risk?

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