Grassley's Hunt For An Obama Insider Trading Scandal Backfires: Nabs GOP Staffer instead [View all]
Source: TALKING POINTS MEMO
Early last year, Wall Street traders somehow found out that the Obama administration planned to make a policy change to Medicare before the news was even announced.
The flurry of stock trades in major health care companies that followed has since caught the eye of federal law enforcement as well as Sen. Chuck Grassley (R-IA), who has made investigating the matter one of his pet projects on the Senate Finance and Judiciary committees. In his search, Grassley has gone as far as to cast suspicion on the Obama administration as the source of the leak.
But in a twist, the Wall Street Journal reported last week that federal regulators and law enforcement officials have now focused their attention on a Republican health policy staffer in the House. A lawsuit filed on Friday by the Securities and Exchange Commission, first reported by the Journal, said investigators believe the staffer "may have been" the source of the leak. It also sought to force the staffer to turn over records to investigators, something he and the committee have reportedly refused to do despite being handed subpoenas.
Read more: http://talkingpointsmemo.com/muckraker/grassley-medicare-leak-sutter
The SEC has filed a lawsuit after Brian Sutter, the top Republican health staffer on the House Ways and Means Committee, refused to comply with its subpoenas. House lawyers, according to the SEC, had argued that the Constitution protected them from having to comply with the subpoenas.
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