The professionals at NIA are really no different to the professionals at Goldman Sacks. The only difference is that Goldman's budget is bigger. This is how the street has always worked. It's actually rare for a highly respected adviser like NIA to be 100% upfront about its positions. When SAC was touting Elan on the run-up to their P3 trial results last August, they didn't tell anyone they were actually shorting the stock based on inside information they had purchased from one of the docs running the trial. Steve Cohen simply sent his deputy, Martoma, to serve his prison time. Cohen will not be doing time. If you're going to play this stock market game, you'd be wise to abandon any idea of fairness or legality you might have. It doesn't work that way. If you want to make money you'll have to get your hands dirty too.