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Brexit’s Big Short: How Pollsters Helped Hedge Funds Beat the Crash - Bloomberg
Behind the scenes, a small group of people had a secret—and billions of dollars were at stake. Hedge funds aiming to win big from trades that day had hired YouGov and at least five other polling companies, including Farage's favorite pollster. Their services, on the day and in the days leading up to the vote, varied, but pollsters sold hedge funds critical, advance information, including data that would have been illegal for them to give the public. Some hedge funds gained confidence, through private exit polls, that most Britons had voted to leave the EU, or that the vote was far closer than the public believed—knowledge pollsters provided while voting was still underway and hours ahead of official tallies. These hedge funds were in the perfect position to earn fortunes by short selling the British pound. Others learned the likely outcome of public, potentially market-moving polls before they were published, offering surefire trades.
The phones in YouGov’s offices rang like mad in the days between the Scottish polls and the referendum. Hedge fund executives were among those on the line. If YouGov was conducting another poll before the vote, traders said, they’d be willing to pay vast sums for a heads-up just 30 minutes to an hour before publication, according to two knowledgeable sources. Since news of the poll alone likely would move markets, the survey’s accuracy was meaningless; traders simply needed to know the results before they became public. They offered YouGov several multiples more than the newspapers had paid to commission the polls in the first place, the two insiders recalled. YouGov rejected these offers, the insiders said. Survation, along with at least one other pollster, saw other opportunities.
#$#monopoly  #conservatives  %longform  #$#cashstash  #brexit  !write!readthenews  #$#cons  %journalism 
20 days ago by lemeb
Leave.EU, Arron Banks and new questions about referendum funding | Politics | The Guardian
When asked about the use of Leave.EU’s database to send advertisements about his insurance products to campaign supporters, [Aaron Banks, a major Brexit backer and donor] said: “Why shouldn’t I? It’s my data.” When asked again last week, he said: “Leave.EU after the referendum campaign carried the occasional ad for insurance, so what?”


what a time to be alive.
#conservatives  *whatatime  #brexit  #t#ad  !write!dystopia 
april 2018 by lemeb
Britain’s White-Collar Cops Are Getting Too Good at Their Job - Bloomberg
modern Britain. The integrity of the U.K.’s institutions—courts, universities, the stock exchange—is at the heart of its appeal to global capital. Yet those same institutions frequently look the other way. The examples are legion, from the London School of Economics granting Muammar Qaddafi’s son a doctorate for an allegedly plagiarized thesis to the recent IPO of Russia’s EN+ Group Ltd., a commodities company controlled by an oligarch with close Kremlin ties. EN+ plans to use the funds raised from British markets to pay loans from Russian banks that are under U.S. sanctions.
#swamp  %journalism  %longform  %greatstory  ~paradisepapers  #brexit  #$#monopoly  #$#nextcrash 
march 2018 by lemeb

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