From coast to coast, the FBI and Securities and Exchange Commission have ensnared people not only at hedge funds, but at technology and pharmaceutical companies, consulting and law firms, government agencies, and even a major stock exchange.
History has shown that one cannot legislate a culture of integrity. And yet, one of the paramount responsibilities and challenges of corporate leadership is to ensure such a culture.
Significant officials at publicly traded companies are casually and cavalierly engaged in insider trading. Because insider trading has as one of its elements communication, it doesn't take rocket science to realize it's nice to have the communication on tape.