Intrade manipulated to favor McCain chances

[kpete]

Intrade manipulated to favor McCain chances
by SusanG
Fri Oct 17, 2008 at 11:55:05 AM PDT

Well, at least there's one market that responds positively to John McCain. Too bad it's gamed:

Trader Drove Up Price of McCain ‘Stock’ in Online Market

By Josh Rogin, CQ Staff

An internal investigation by the popular online market Intrade has revealed that a single investor’s purchases prompted "unusual" price swings that significantly boosted the prediction that Sen. John McCain will become president.

Over the past several weeks, the investor has pushed hundreds of thousands of dollars into one of Intrade’s predictive markets for the presidential election, the company said, resulting in repeated monetary losses through a strategy that belies any financial motive.

more at:
http://www.cqpolitics.com/wmspage.cfm?docID=news-000002976265
http://www.dailykos.com/storyonly/2008/10/17/142215/68/913/633689

[Quantess]

1. A republican fool and his money are soon parted.

There's no law against throwing your own money away.

[lizzieforkerry]

2. He didn't boost it very high.

Last I saw it was around 20 for McCain. So it is actually even lower?!?! :wow:

[dchill]

5. It's at 16 right now.

:snort:

;)

[dchill]

3. Interesting...

"Citing privacy policies, Delaney would not elaborate on who the investor was or whether or not that investor was affiliated in any way with a political campaign."

How convenient. Too bad it makes the Intrade totally without credibility. Just like any other "free market."

[Happyhippychick]

4. Another brilliant financial move by a republican.

[louis-t]

6. Only way repugs can win is cheat.

Lie, game the system.