Insider Trading in Frist and Delay’s Office: Story Growing
by josh orton
Thu Jan 19, 2006 at 03:04:45 PM PDT
In an exclusive last night on Air America Radio’s The Majority Report, Rep. Louise Slaughter alleged that day-traders had been operating inside the offices of Senator Frist and Congressman Delay. Telling us that her source was “as good as gold,” Rep. Slaughter promised to investigate further and get back to us. Audio available via AMERICAblog here.

“I’m going to track this down, I know it’s true,” Slaughter told us,”that Frist, DeLay and probably others had some day traders working out of their offices.” Those working out of the Congressional offices “would find out there’s a bill being written by lobbyists, that there would be no asbestos bill … and when the market opened the next day, the cost of asbestos stock had doubled.”

UPDATE: Congressman Baird (leading this cause on the Hill) laid out the problem on The Majority Report tonight…audio over at AMERICAblog here.
The context of this story, and the practice of spreading insider “political intelligence” is starting to unfold…developments on the other side…
The backstory of this involves what’s called “political intelligence.” The Hill did a story nearly a year ago on firms that harvest insider political info and feed it to Wall Street to get ahead of the news cycle; obviously much of what happens in DC affects the market.
The Hill piece is here.

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