Friday, May 17, 2013

Intrade and Financial Mischief

The Financial Times suggests that financial mischief may explain the insolvency of Intrade, company renowned among the proponents of prediction markets:
A company audit earlier this year revealed that its founder John Delaney, who died while climbing Mt Everest in May 2011, had received $2.6m in insufficiently documented payments from the company in 2010 and 2011. Mr Bernstein confirmed that the legal action the company would pursue was related to those transactions.

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