Watch “Former SEC Chair on the Activision Blizzard investigation: Their actions were ‘just foolish'” on YouTube

Chairman Pitt makes a good point. These CEOs know better. Even if it was a social meeting and nothing was disclosed, making a significant trade after what meeting just invites an SEC investigation.

Or maybe they are convinced that “email traffic” will somehow prove that there was no confidential information disclosed.

But the appearance of impropriety is certainly there.