Taito Philip Field - Insider Trading

Taito Philip Field is in the news again. He was approached by a family unable to make payments on their mortgage due to the death of their mother and ill health of their father. A mortgagee sale was due to be made in a few days. So how does Philip Field help - he buys the home, with cash, for $250,000. As the sale is immediate and for cash the family accept.

Now, if Field had just happened upon the house for sale and discovered that a cash offer with quick settlement would get the property then I would be all for it. But Field was approached for help as an MP, learned of the situation and used that knowledge gained as an MP to purchase the property. It's called insider trading - using knowledge gained in the course of your normal duties for your financial benefit.

If you work for a bank, or broker, or insurance company and you do this you get fired. End of story. So Field has to go.