Business Adventures: Twelve Classic Tales from the World of Wall Street. Chapter 4. A Reasonable Amount of Time

以下是内容的中文翻译： 这份记录的第4章详细介绍了内幕交易监管的历史，最终以20世纪60年代具有里程碑意义的德州海湾硫磺（TGS）案达到顶峰。在20世纪之前，内幕交易被广泛接受。像内森·罗斯柴尔德和约翰·雅各布·阿斯特这样的人物通过利用特权信息积累了大量财富，而没有受到法律的制裁。当时普遍的观点是，内部人士有权从他们的知识中获利。 这种自由放任的态度在20世纪初开始改变，公众开始质疑公司内部人士交易自己公司股票的道德问题。《1934年证券交易法》是一个关键的转折点，要求内部人士放弃其自身公司股票的短期利润。1942年实施的规则10b-5进一步禁止在股票交易中进行欺诈或遗漏重要事实的计划。 然而，在接下来的二十年里，规则10b-5很少被执行。仍然有观点认为，内幕交易为高管提供了必要的激励，并促进了交易的顺利进行。美国证券交易委员会（SEC）有意识地避免积极针对华尔街的薄弱环节。 这种情况随着TGS案的发生而改变。1959年，TGS开始在加拿大地盾上进行航空勘测，发现了硫化物矿藏。该公司购买了土地期权，并对其发现保密。1963年11月，对一个有前景的区块（Kid 55）进行的测试钻探显示出高含量的铜和锌。包括霍利克（Hollick）、莫利森（Mollison）和福格蒂（Fogarty）在内的公司高管得到了通知。 随着核心结果的分析和公司秘密收购额外的土地，一些TGS员工及其联系人开始购买公司股票和看涨期权。到1964年3月，TGS已经获得了必要的土地权，以进一步勘探Kid 55。钻探重新开始，证实了最初的有希望的结果。 关于重大发现的传言开始流传，引发了对TGS总部的询问。作为回应，该公司于1964年4月12日发布了一份新闻稿，淡化了钻探结果的重要性。该新闻稿将相关报告描述为夸大且不可靠的，其效果是暂时降低了投资者的热情。 然而，随着钻探的继续和结果证实了一项重大发现，TGS起草了一份新的、乐观的新闻稿，于1964年4月16日发布，宣布发现了大量的锌、铜和银。关于这一重大发现的消息传播不均，北方矿工报（Northern Miner newspaper）比道琼斯新闻社（Dow Jones News Service）更早报道了此事。 在新闻发布会之后，两位董事，科茨（Coates）和拉蒙特（Lamont）采取的行动成为了案件的核心。科茨通知了他的女婿（一位股票经纪人），并为家族信托基金下了订单。拉蒙特通知了摩根担保信托公司（Morgan Guarantee Trust）的一位同事，导致为拿骚医院和养老基金大量购买TGS股票。 美国证券交易委员会（SEC）对TGS和十三名内部人士提起了民事诉讼，指控其非法使用内幕信息和发布具有欺骗性的新闻稿。SEC寻求对受骗投资者的禁令和赔偿。辩方辩称，早期信息具有投机性，并且相关行动是基于对公开信息的善意解释。 法官邦萨尔（Bonsal）最初裁定，重要信息直到4月9日才可用，驳回了对许多被告的指控。他发现克莱顿（Clayton）和克劳福德（Crawford）在得知即将发布公告的情况下于4月15日购买股票有罪。对TGS关于误导性新闻稿的指控也被驳回。SEC提出上诉，导致邦萨尔法官的许多裁决被推翻。上诉法院认为，11月份的钻孔提供了重要证据，牵涉到4月9日之前进行交易的内部人士。4月12日的新闻稿被认为是模棱两可的，科茨被判在4月16日的新闻发布会后行为不当。 TGS案成为内幕交易法的一个里程碑，阐明了信息何时不再是“内部”信息而变成公开信息，并确立了内部人士必须在公开传播信息后的“合理时间”之后才能根据该信息进行交易的原则。此案是SEC的一次重大胜利，标志着更积极地执行内幕交易监管的开始。

Chapter 4 of the transcript details the history of insider trading regulations, culminating in the landmark Texas Gulf Sulphur (TGS) case of the 1960s. Prior to the 20th century, insider trading was widely accepted. Figures like Nathan Rothschild and John Jacob Astor amassed fortunes exploiting privileged information without legal repercussions. The prevailing attitude was that insiders had a right to profit from their knowledge. This laissez-faire attitude began to change in the early 20th century, with public questioning of the morality of corporate insiders trading on their own companies' shares. The 1934 Securities Exchange Act was a key turning point, requiring insiders to forfeit short-term profits on their own company's stock. Rule 10b5, implemented in 1942, further prohibited schemes to defraud or the omission of material facts in stock trading. However, for two decades, Rule 10b5 was rarely enforced. Arguments persisted that insider trading provided necessary incentives for executives and facilitated a smooth flow of trading. The SEC consciously refrained from aggressively targeting Wall Street's vulnerable spot. This changed with the TGS case. In 1959, TGS began aerial surveys over the Canadian Shield, discovering sulfide deposits. The company acquired land options, keeping their findings secret. In November 1963, a test drill on a promising segment, Kid 55, revealed high copper and zinc content. Company executives, including Hollick, Mollison, and Fogarty, were informed. As the core results were analyzed and the company secretly acquired additional land, some TGS employees and their contacts began purchasing company stock and call options. By March 1964, TGS had secured the necessary land rights to further explore Kid 55. Drilling resumed, confirming the initial promising results. Rumors of a major discovery began circulating, prompting inquiries to TGS headquarters. In response, the company issued a press release on April 12, 1964, downplaying the significance of the drilling results. The release characterized reports as exaggerated and unreliable, which had the effect of temporarily reducing investor enthusiasm. However, as drilling continued and results confirmed a major strike, TGS drafted a new, optimistic press release for April 16, 1964, announcing a significant discovery of zinc, copper, and silver. News of this significant discovery spread unevenly, with the Northern Miner newspaper reporting on it before the Dow Jones News Service. After the press conference, two directors, Coates and Lamont, took actions that became central to the case. Coates informed his son-in-law, a stockbroker, and placed orders for family trusts. Lamont informed a colleague at Morgan Guarantee Trust, leading to a large purchase of TGS stock for Nassau Hospital and pension funds. The SEC filed a civil complaint against TGS and thirteen insiders, alleging illegal use of inside information and a deceptive press release. The SEC sought injunctions and restitution for defrauded investors. The defense argued that early information was speculative and that actions were based on good-faith interpretations of public information. Judge Bonsal initially ruled that material information wasn't available until April 9th, dismissing charges against many defendants. He found Clayton and Crawford guilty for purchases made on April 15th with knowledge of the impending announcement. The complaint against TGS regarding the misleading press release was also dismissed. The SEC appealed, leading to a reversal of many of Judge Bonsal's findings. The appeals court found that the November drill hole provided material evidence, implicating insiders who traded before April 9th. The April 12th press release was deemed ambiguous, and Coates was found guilty of acting improperly after the April 16th press conference. The TGS case became a landmark in insider trading law, clarifying when information ceases to be "inside" and becomes public, and establishing the principle that insiders must wait a "reasonable amount of time" after public dissemination before trading on that information. This case served as a major victory for the SEC, marking the beginning of more vigorous enforcement of insider trading regulations.