Hundreds in government had advance word of Medicare action at heart of trading-spike probe
Source: Washington Post
Hundreds of federal employees were given advance word of a Medicare decision worth billions of dollars to private insurers in the weeks before the official announcement, a period when trading in the shares of those firms spiked.
The surge of trading in Humanas and other private health insurers stock before the April 1 announcement already has prompted the Justice Department and the Securities and Exchange Commission to investigate whether Wall Street investors had advance access to inside information about the then-confidential Medicare funding plan.
Sen. Charles E. Grassley (R-Iowa) told The Washington Post late last week that his office reviewed the e-mail records of employees at the Department of Health and Human Services and found that 436 of them had early access to the Medicare decision as much as two weeks before it was made public.
The number of federal employees with advance knowledge is surely higher; the figures Grassleys staff compiled did not include people at the White Houses Office of Management and Budget who also saw the information. The e-mail records of those employees have not been made available to Grassley.
Read more: http://www.washingtonpost.com/politics/hundreds-in-government-had-advance-word-of-medicare-action-at-heart-of-trading-spike-probe/2013/06/09/044944d0-cec7-11e2-8845-d970ccb04497_singlePage.html
JDPriestly
(57,936 posts)that is discussed in the article?
What happened to the bill to prevent people in Congress from trading on insider information? I understand it doesn't exist.
alp227
(32,044 posts)Hubert Flottz
(37,726 posts)Those other gubmint employees got the scoop before he did.
Myrina
(12,296 posts)Nope. Nada. Zilch.