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]
Hold on to your butts, America. Steve Bannon is, as an ally told one reporter, “unchained” after being relieved of his White House duties as Trump’s strategic advisorIn an interview this evening, Bannon tells the Weekly Standard he’s returning to run Breitbart.com, as he was before becoming Trump’s campaign manager exactly one year and one […]
Steve Bannon is out of the White House, a year and one day after he became then candidate Donald Trump’s presidential campaign manager.
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Toaster ovens are the perfect appliance for small things like toasted sandwiches and roasted garlic (try it!), but anything more involved usually requires a full-sized conventional oven.However, despite its small size, the Wolfgang Puck Pressure Oven can handle anything from baked pastries to broiled meats. This kitchen appliance has a minimal countertop footprint, and cooks […]
The Pry.Me Bottle Opener holds tens of thousands of times its own weight, and you can pick one up now from the Boing Boing Store.This remarkable keychain is considerably smaller than any of your keys, but don’t let that fool you: it can easily open any bottle, and could even tow a trailer full of […]
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