107 Geo. L.J. Online 1 (2018)

handle is hein.journals/gljon107 and id is 1 raw text is: 




A  Friend   in Need   May Get You in Trouble for
Insider   Trading Indeed: An Argument for the
Meaningfully Close Personal Relationship Definition
of Friendship Under the Gift Theory

ABIGAIL BUSH*
                    He  that is thy friend indeed,
                    He will help thee in thy need:
                    If thou sorrow, he will weep;
                    If thou wake, he cannot sleep;
                    Thus  of every grief in heart
                    He with thee doth bear apart'

                          INTRODUCTION

Defining the types of relationships that qualify as true friendships is a
surprisingly difficult task, particularly because people use the term
colloquially to refer to multiple types of relationships. For instance, many
people refer to their Facebook friends as friends, but a 2016 study
conducted by  Robin  Dunbar, a  professor of psychology at Oxford
University, found that the vast majority of an individual's Facebook
friends are not that person's genuine friends-close friends or people
on whom  the individual would depend for emotional/social support in
times of crisis.2 The difficulty in defining friendship is not just felt by
individuals and academics; courts have also struggled to agree on a
universal definition of the term in the tipper-tippee context of insider
trading law. The Second Circuit has twice attempted to expressly define
the term: once in December 2014 and once in August 2017.3 In its most


* Georgetown Law, J.D. expected 2018; Washington University in St.
Louis, B.A. 2015. 0 2018, Abigail Bush.
1 Richard Barnfield, An Ode: As it Fell Upon a Day,  in 1 THE ENGLISH
POETS (Thomas Humphry  Ward  ed., Bartleby.com 2013)
http://www.bartleby.com/337/194.html [https://perma.cc/5HAL-CQT9].
2 R. I. M. Dunbar, Do Online Social Media Cut Through the Constraints
That Limit the Size of Offline Social Networks?, ROYAL SOCIETY OPEN
SCIENCE (Jan. 20, 2016)
http://rsos.royalsocietypublishing.org/content/3/1/150292
[https://perma.cc/HZ3G-SFT5] (finding that on average, out of 155.2 of an
individual's total Facebook friends, only 4.1 are friends on whom [an
individual] would depend for emotional/social support and only 13.6 are
considered an individual's close friends).
3 See infra Part I. Compare United States v. Martoma, 869 F.3d 58 (2d
Cir. 2017), with United States v. Newman, 773 F.3d 438 (2d Cir. 2014),
abrogated by Salman v. United States, 137 S. Ct. 420 (2016).

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