a) Why do securities firms typically have some inside information that could affect future stock prices of other firms? In wake of this access to privileged information, critically discuss should large securities firms be allowed to be independent and insulated from bank regulation, or should they be required to register as bank holding companies, and therefore be subject to bank regulations? b) Explain the motivation of hedge funds to rely on expert networks in recent years. Describe how some hedge funds accessed information from analysts in their attempt to have an edge over other investors. Describe how regulations were imposed to limit this access