Allan Loudell reported on this yesterday. There is some rich Republican idiot out there.
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.
One quibble with Loudell’s reporting. He repeatedly said that Intrade was like a “Casino.” But it is like a “futures trading market” which it is. In a casino one bets on games each of which have certian set odds of paying off. In a futures market, traders use their insight to buy shares in an event’s outcome.