We already know that Congresscritters make huge bank through insider trading, exploiting a loophole that lets them place bets on the stock market based on rules they have yet to announce. But this game-rigging con isn't limited to elected officials: a whole class of unregulated beltway insiders make their living by wheedling "political intelligence" (that is, insider information about upcoming regulations and laws) out of politicians and their staff, and then selling it on to consultants who package it up into legal insider trading recommendations for the hyper-rich.
The U.S. Government Accountability Office has released Financial Market Value of Government Information Hinges on Materiality and Timing, a 34-page report on this practice, trying to figure out how pervasive the scam is. They didn't get any great answers:
"The political intelligence industry is flourishing, enriching itself and clients in the stock market, yet the report notes that it could not document who these people are or how much they profit," [Craig Holman, government affairs lobbyist for government watchdog Public Citizen] said. "Without full transparency of the activity of these political intelligence consultants and their clients, it is nearly impossible to know if they are trading on illegal insider information."
Government Report Examines 'Political Intelligence,' But Questions Remain [Legal Times/Andrew Ramonas]
NZ Prime Minister John Key is a racist blowhard who has smeared the opposition parties of “backing the rapists” for their support of NZ citizens with minor criminal convictions (not sexual assault, incidentally) being deported from Australia, where they have been imprisoned.
Last May, Jackie Burns, the deputy leader of the Labour Council in South Lanarkshire in Scotland, voted to close all public toilets as part of the Scottish government’s £22 million cost-cutting programme; early last Saturday morning, police issued him a £40 ticket for pissing in public. (via Reddit)
In a decision that environmental activists see as a hard-won victory, President Obama today announced he is rejecting the request from a Canadian company to build the Keystone XL oil pipeline. The news ends a seven-year review process that was a focal point in the debate over the Obama administration’s climate policies.
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