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Preet Bharara. Photo: John Moore/Getty Images

America has no insider-trading statute. Former U.S. attorney Preet Bharara would like to change that.

The details: The Bharara Task Force on Insider Trading was unveiled in a New York Times op-ed this week. This group of "distinguished former regulators and prosecutors, judges, academics and defense lawyers" will try to come up with a legal formula for exactly what should be considered illegal insider trading.

  • It won't be easy. Insider trading is an all but victimless crime, and while the stock market is indeed rigged against the little guy, that has very little to do with illegal activity and a lot to do with baked-in asymmetries when it comes to size and speed and sophistication. In other words, Bharara's first job will be to work out exactly what problem he's trying to solve.
  • If Bharara does come up with proposed legislation, it's hard to see why it should fare better than any of the bipartisan bills that have failed in the past. America's traders don't like fetters — and they have very good lobbyists.

Go deeper

Updated 18 mins ago - World

Myanmar military fires UN ambassador after anti-coup speech

Photo: Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images

Myanmar's military regime on Saturday fired the country's ambassador to the United Nations, Kyaw Moe Tun, a day after he gave a pro-democracy speech asking UN member nations to publicly condemn the Feb. 1 coup, The New York Times reports.

The latest: Kyaw Moe Tun told Reuters later on Saturday, "I decided to fight back as long as I can."

1 hour ago - Axios on HBO

Preview: "Axios on HBO" interviews White House Senior Advisor Cedric Richmond

On the next episode of "Axios on HBO," Axios co-founder Mike Allen interviews White House Senior Advisor Cedric Richmond.

  • Catch the full interview and much more on Sunday, February 28 at 6 pm. ET/PT on all HBO platforms.
2 hours ago - World

Italy tightens COVID restrictions as experts warn of growing prevalence of variants

Health workers prepare vaccine doses in Iseo, Italy. Photo: Stefano Nicoli/NurPhoto via Getty Images

Italy on Saturday announced it was tightening restrictions in five of the country's 20 regions in an effort curb the spread of the coronavirus.

Driving the news: The announcement comes as health experts and scientists warn of the more transmissible coronavirus variants, per Reuters.