Potential Consequence of Accidental Eavesdropping

My heads spinning a little, the new Facebook feed has lent to some fantastic thoughts about the potential consequence of accidental eavesdropping. Yesterday a wall-to-wall conversation between two friends was brought to my attention in the Facebook stream. Something I would have previously not seen or thought about was now front and center in the middle of my screen.

Their conversation was about trading stock and who bought what, when, and other ideas about what to buy and why. It occurred to me at that moment 'what if they or other people were talking about things that I shouldn't know about?' (Enter images of Martha Stewart) I mean ImClone founder Sam Waksal, was arrested for informing friends and family to sell their stock, and attempting to sell his own. How many conversations on Facebook might equate to a similar to situation? What if I never meant to see it, but someone shared something they shouldn't have and now I know? Could I be trouble?

So I settle down and think that people "in-the-know" of that kind of insider information would surely be savvy enough to not post it on a social network and likely wouldn't even use email.

But then...I started to think about the speed at which information travels in these new platforms, specifically Facebook and Twitter. And about what kind of an effect that rapid information disbursement could have on the stock exchange. I mean who's to say some group couldn't just agree to buy company "X" stock one day - all within minutes of each other get the word out to buy,...and then sell six hours later after the price has jumped due to the high influx of interest. I imaged Bud Fox Tweeting "Blue Horse Shoe Loves Anacot Steel." and everyone in the Twitterspehere buying. At very least we have the makings of a great new version of Wall Street.