Prof. Painter Quoted in Washington Post on Early Release of Consumer Confidence Data to Hedge Funds

Professor Richard Painter was quoted in a Washington Post article on efforts by the New York Attorney General to discourage Reuters from releasing to hedge funds two minutes before releasing to its general subscribers news reports about the University of Michigan Consumer Confidence survey. Painter said that while he shared the Attorney General's concern about there being a level playing field in securities markets, regulators should not pressure the press not to include certain information in news services to hedge fund subscribers. Rather, regulators should discourage the source of the information—the University of Michigan—from accepting payment in return for agreeing to its early release to hedge funds.