“It’s time to clean it up,” Democratic U.S. Representative Jim Himes said Monday of the problem of insider trading, after former SAC fund manager Michael Steinberg was given the green light to challenge his conviction. Himes, who has introduced new legislation to make existing securities laws less “hazy” when it comes to insider trading, wants to remove the requirement that an alleged tipster personally benefit from a leak: “This is the time, after 80 years, that we need a clear statute forbidding insider trading.”
