The chinese wall, it’s like an impenetrable, you can’t penetrate the wall.I’m the wall….That’s why I’d tell you, we’d be in jail….We’d be, who’sthe people of the ’80s? [Insider trading is] the most illegal-est thing youcan do….I think it’s fun. I tell you, if you don’t get greedy.” As MarisaBaridis, then a Morgan Stanley compliance officer, uttered these words inOctober 1997 to an undercover informant, little doubt remained that after abrief hiatus, insider trading had found its way back onto Wall Street.

In the past few years, a new pattern of insider trading has emerged on WallStreet. Whereas the 1980s witnessed widespread insider trading byhigh-level insiders–Ivan Boesky, Martin Siegel, Dennis Levine and MichaelMilken–today, a rash of insider trading by Generation-X Wall Streeters hassurfaced. The Securities and Exchange Commission has brought several casesof the latter variety, including the Baridis matter, since 1995.Apparently, there exists a “den of young thieves” who have failed to heedthe lessons from the high-profile insider trading cases of a decade ago.