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]
In Philadelphia today at the 2016 Democratic National Convention, an emotionally overwhelming moment for Bernie Sanders as Democrats Abroad cast their votes for the party’s 2016 presidential nominee.
Hillary Clinton, 45th president of the United States, would like to remind you of a few important things. I can fix this fucking country for you. And all you little bitches need to do is get off your asses one goddamn day in November. “Oh but what about your eeeemaaaaillls???” Shut the fuck up. Seriously, […]
A sustained and rousing standing ovation for Bernie Sanders at the Democratic National Convention in Philadelphia, tonight.
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