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Strategies & Market Trends : Classic TA Workplace

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To: Shack who started this subject	2/11/2004 12:35:41 AM
From: Joseph Silent	Read Replies (1) of 209892

(OT) I saw this a few weeks ago, but I'm revisiting it while writing up something. It highlights the importance of what (2001) Nobel Laureate Stiglitz says and, in particular, on the perils of asymmetric information. 1. The crook running the UMich sentiment survey was using the info personally two weeks before the data was publicly released (front-running for 3 years), and 2. "the University of Michigan has been selling Mr. Fornell's data to investment banks, analysts, and brokerage firms for up to $30,000 a year. The brokerage firms and banks receive the data TWO WEEKS PRIOR to it being released to the investing public (and the media). (This practice of selling data to investment banks and other subscribers is carried over to the better-known Consumer Satisfaction survey as well.)" Universities have large endowments. I will not be surprised if they have been using this information for their institutional holdings. If true, this makes for quite a complex case in law. How I wish someone would pursue it. Observe how quiet the media has been on this important issue. Anyway, just letting off steam. I find it very disturbing. dacharts.com

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