The characteristics of insider trading today are: It's primarily organized around cliques and interest groups. Those within the first ring reap the benefits, those in the second ring reap the benefits, and those outside the third ring take over. The rules are all just a sleight of hand. The scarcer the opportunity, the more concentrated power becomes. With concentrated power and an unconstrained industry, insider trading is inevitable. However, in the future, insider trading may not even be pretended.