On one side, it’s definitely harmful to the markets. Distorts the prices and scams other investors out of their money by essentially cheating. This is a lesser point but worth considering.
On the other, it’s possibly harmful to their legislation too. If it’s a case of “I would do this anyway for unrelated reasons, may as well make a few bucks off it”, then no. But is that how it works? If you were in the habit of doing that, wouldn’t “which of these possible legislative decisions is going to make me more money” be a factor in your choices?
Also, as kind of an aside, but it’s very much illegal. And while this is far from the only illegal thing that legislators engage in, the people who make the rules that can put you in jail doing things that should put them in jail blatantly and without consequence is something that deeply undermines the confidence in the entire concept of the rule of law, which is kind of an important cornerstone of civilisation.
I’d say there are two sides to that question.
On one side, it’s definitely harmful to the markets. Distorts the prices and scams other investors out of their money by essentially cheating. This is a lesser point but worth considering.
On the other, it’s possibly harmful to their legislation too. If it’s a case of “I would do this anyway for unrelated reasons, may as well make a few bucks off it”, then no. But is that how it works? If you were in the habit of doing that, wouldn’t “which of these possible legislative decisions is going to make me more money” be a factor in your choices?
Also, as kind of an aside, but it’s very much illegal. And while this is far from the only illegal thing that legislators engage in, the people who make the rules that can put you in jail doing things that should put them in jail blatantly and without consequence is something that deeply undermines the confidence in the entire concept of the rule of law, which is kind of an important cornerstone of civilisation.