Well it looks like Edward Kennedy Jr. who benefited from his father’s connections in the U.S. Senate when he established the Marwood Group is drawing the scrutiny of the Securities and Exchange Commission. The well-written story in the Wall Street Journal spells out how information clearly is power.
When Edward Kennedy Jr. launched Marwood Group more than a decade ago, he named it after the Maryland estate his grandfather, Joseph Kennedy, lived in when he was the first chairman of the Securities and Exchange Commission in the 1930s.
Now, the SEC has issued subpoenas to Marwood, asking for emails and other documents that show how the political research firm was able to warn its Wall Street clients that regulators might delay approving a promising drug in the fall of 2010.
The scrutiny doesn’t mean any accusations of impropriety will follow, against Marwood or anyone else. But emails subpoenaed in the inquiry, some of them reviewed by The Wall Street Journal, open a rare window into a burgeoning business known as political intelligence, in which firms gather information and analysis about activities in Congress, the White House and federal agencies and sell these insights to investors looking for an edge.
Does something smell about the ability of a select few to collect and disseminate inside information and cash in on it big time?