Mad Cows, Mayan Calendars and Insider Trading
Apr 24, 2012
For a long time, I’ve been arguing that another case of BSE in the U.S. herd would be a non-event. Now that USDA has confirmed a case of—importantly—atypical BSE in a cow from a California dairy (of course, he interjected snidely), we’ll find out.
I hold that the public has wised up and realizes they don’t need to worry as much about this historic disease as they do the Mayan calendar. Neither, if you’re logical, is anything to worry about.
Apparently, the traders don’t agree, since they trampled each other in their haste to drop the board the limit earlier today after somebody tipped them -- them, not us -- off. I just heard Wolf Blitzer on CNN talking about how "scary" it is, despite a pair of petty soothing reports from reporters. And, of course, he quotes R-CALF as being "very concerned" and no doubt ready to blame it on Canada or Mexico.
I’m taking the Ag Secretary at his word when he says this will not impact our trade. If it doesn’t, the Blitzers and R-CALF scaremongers will settle down soon and the traders who spent today selling the rumor will soon be buying the facts.
On a very serious note, having been stuck off in Texas while the board crashed, I’d like to see a thorough investigation of how the news got leaked to the trading floor. Somebody made a killing today because he had a tip from somebody who should have kept his mouth shut. That is a serious problem for those of us who don’t have the insider trading tips.