Prof. Painter Quoted in Wall Street Journal on University of Michigan Selling Early Release of its Economic Data to Hedge Funds

Professor Richard Painter was quoted in a front page Wall Street Journal article covering the University of Michigan's practice of accepting payment for release of its market moving consumer economic data to hedge funds seconds before it was released to the public. This is a "blind spot" in U.S. law, said Painter, a former Republican White House ethics lawyer. Groups, he said, should "not be allowed to selectively disclose market-moving data to people who pay more money—that is not right."