Washington Leak Culture Meets Wall Street’s Insider-Trading Cops
The federal prosecutors who sent Wall Streeters to prison for trading on insider information are taking on Washington’s culture of leaks in a first-of-its-kind trial next week.
The capital’s “political intelligence” industry is now in their crosshairs. Hedge funds and other businesses pay consultants, often recent government employees, expecting them to leverage relationships with colleagues still in public service to get a heads-up on government actions that could move markets.
David Blaszczak, who consulted for hedge funds after leaving the Centers for Medicare and Medicaid Services, is charged in Manhattan with passing details of government plans to cut reimbursement rates for a certain kind of cancer treatment and to increase payments for kidney dialysis. Prosecutors claim Blaszczak tipped partners at Deerfield Management, a New York fund that allegedly used the information to make more than $3.5 million in trading profits. Deerfield paid $832,000 in consulting fees to the firms where Blaszczak worked, they say.
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In 2015, Congress voted themselves immunity from insider trading.
https://theintercept.com/2015/05/07/congress-argues-cant-investigated-insider-trading/
These corrupt bastards go to the Swamp with at most a few hundred thousand left over in campaign cash, then get rich in DC to the amount of tens of millions, and are able to retire on full pension after serving one term. This activity should make every American red hot with rage.