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]
That was bullshit.— Matthew Keys (@MatthewKeysLive) October 7, 2015 A jury in Sacramento, California, today found former Reuters deputy social media editor Matthew Keys guilty of computer hacking under the Computer Fraud & Abuse Act (CFAA).
Augustus Sol Invictus, a Tallahassee, Florida candidate for US Senate, once walked from Florida to the Mojave Desert as part of a ritual that culminated in him sacrificing a goat and drinking its blood. “I did sacrifice a goat,” he said. “I know that’s probably a quibble in the mind of most Americans. I sacrificed […]
Intelexit is an activist group whose mission is to get spies to quit their jobs; they’ve recently installed billboards around spy complexes in the US and UK.
It’s time for a power upgrade — throw out that tired-out power strip and swap in this family-size USB charger, packed with 6 high-speed ports. With a built-in control chip, Kinkoo optimizes each port to ensure the fastest charging possible for all your devices. The Kinkoo is made from high-grade and durable materials so you […]
Watching Netflix, Hulu or other streaming services can unfortunately be difficult while traveling outside the US. Rather than bypass these restrictions with the help of a complex and slow VPN, choose a faster and simpler solution with Getflix. Instead of rerouting all your Internet traffic through a different server, this handy service only routes the […]
Shake, stir, and muddle your way to delicious homemade cocktails with this must-have bar set. Expect only the finest quality tools from MakersKit — enabling you to unleash your inner mixologist.Top 12 Favorite Things of 2014, Sunset MagazineQuart-size vintage-style Mason jar shakerRetro double jigger for accurate measurementsStrainer & spouts for a mixologist-style smooth pourHardwood muddler […]