Does Congress Have a Clue on Insider Trading?
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Justin Simon was an obscure research analyst in Washington at a small broker-dealer named Height Securities LLC when he scored an amazing scoop last week.
In a 75-word note to clients on April 1, Simon predicted the government would increase certain pay rates for health insurers that had been scheduled for cuts. He didn’t say where he got this idea, only that he believed it would happen. And it seemed to be more than a guess. The headline on his report said: “FLASH -- Medicare Advantage Rates.”