Insider Trading law?
The misappropriation theory of insider trading is now accepted in U.S. law. It states that anyone who misappropriates material non-public information and trades on that information in any stock may be guilty of insider trading. This can include elucidating material non-public information from an insider with the intention of trading on it or passing it on to someone who will. This theory constitutes the background for the securities regulation that enforces the insider trading.[15] Disgorgement represents ill-gotten gains (or losses avoided) resulting from individuals violating the securities laws.
The problem isn't that he can use their loophole here...
U.S. SEC Rule 10b5-1 clarified that the prohibition against insider trading does not require proof that an insider actually used material nonpublic information when conducting a trade; possession of such information alone is sufficient to violate the provision, and the SEC would infer that an insider in possession of material nonpublic information used this information when conducting a trade. However, SEC Rule 10b5-1 also created for insiders an affirmative defense if the insider can demonstrate that the trades conducted on behalf of the insider were conducted as part of a pre-existing contract or written binding plan for trading in the future.
Even if they do, the problem is whether this activity constitutes a core function of the president.
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