If I understand Gail Wynand's point, the illegal cow trades were simply the particular type of tender used in an overarching crime that falls outside the domain of the SEC.
This one time fraud, FOR Hillary, was NOT something out of the ordinary for Red Bone, or the guys who "ran him". It was a way to handle "payoffs" and had been done for a very long time. But this kind of security fraud, while nothing "new", has been cut down ( if not completely off ), because of in house exchange rules and federal laws.
I'm just telling all of you the facts of the matter. Most people don't know them and therefore make all kinds of erroneous statements and complain that Hillary wasn't punished. Well, NOBODY that was involved in this fraud ( and Hillary was NOT the only one who illegally profited !) was punished except for the perpetrator. That's just how it worked.