Achtung! Insider Trading Is A Crime

For decades, the only ethics governing Germany's debt and equity markets was an informal code of honor drawn up by banks and bourses. Insider trading wasn't a crime, and corporate officers were under no compulsion to accept the code. "Fireside chats" were common, at which sympathetic German journalists and financial analysts heard market-moving information about listed companies before such information was public. And corporate raiders could pile up 25% equity stakes in potential target companies without reporting their purchases.

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