I agree with your points 1 & 2. It's questionable.
to the other point, yes. Securities laws, from what I can tell, are very convoluted. Even experts find it hard to tell when one enters or exits the grey areas. In addition, in 2008, there were other considerations to take. Until, I know better, I don't think the NSA is allowed to use whatever information they have, to prosecute domestic crimes. They may 'tip off' the SEC, etc. but the SEc must gather their own info and evidence. Also, it's not as if the NSA are experts in Securities. They look for physical threats rather than soft threats to the economy/population.
to the other point, yes. Securities laws, from what I can tell, are very convoluted. Even experts find it hard to tell when one enters or exits the grey areas. In addition, in 2008, there were other considerations to take. Until, I know better, I don't think the NSA is allowed to use whatever information they have, to prosecute domestic crimes. They may 'tip off' the SEC, etc. but the SEc must gather their own info and evidence. Also, it's not as if the NSA are experts in Securities. They look for physical threats rather than soft threats to the economy/population.
See some review of this in this NPR piece: http://www.npr.org/2011/07/13/137789065/why-prosecutors-dont...