May 2, 2016, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement responding to a working paper from the European Central Bank purporting to show strong evidence of what can only be termed insider trading by the early release of U.S. economic data by government and non-government sources:
“The highly unusual accusation that markets are being manipulated through the early release of a wide array of sensitive U.S. economic data would be troubling under any circumstance. The accusation coming from the European Central Bank cuts to the heart of the entire world’s trust in core economic reports and portrays a financial system that is rigged to its core. The European Central Bank lowballs the value of these alleged data breaches at $20 million for S&P Futures alone, but the real number would have to be much higher depending on how pervasive this form of manipulation is.
“If the U.S. had a Justice Department interested in upholding the laws, it would be natural to call for an investigation. Given the current state of affairs in the Washington, D.C., the Obama Justice Department is more likely to investigate the European Central Bank researchers than in identifying and prosecuting those who have breached the public trust.”
“Price drift before U.S. macroeconomic news: private information about public announcements?” European Central Bank, May 2016 at http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1901.en.pdf?ca0947cb7c6358aed9180ca2976160bf
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