Joe Nacchio and the Sentencing Guidelines: The Importance of "Gain" on the Insider Trading

Kevin O'Brien has written another thoughtful and thorough post on the application of the sentencing guidelines to Joe Nacchio.  The post is here.  As he notes:  "The central issue in dispute between the government and Nacchio’s attorneys is the proper measurement of: (1) 'gain' on the total increase in value realized for sentencing purposes, and (2) 'proceeds' from the illegal insider trades for forfeiture purposes. I discuss each measurement in detail next."