The Briefing Room
General Category => Economy/Business => Topic started by: Cincinnatus on March 11, 2013, 05:20:57 pm
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Wonder who bet on this: Online prediction betting site Intrade has abruptly closed its doors.
The company, embroiled in controversy throughout the last several months, said Sunday night it had stopped trading on its website, a move that comes after Intrade last year said it wouldn’t take bets from U.S. residents following a federal lawsuit.
“With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity,” Intrade said in a note on its homepage, while noting these circumstances require “immediate further investigation, and may include financial irregularities.”
The Irish company — known for offbeat markets on presidential politics and the Academy Awards — said it settled open positions and calculated the settled account value for all member accounts, as well as halted banking transactions.
http://blogs.wsj.com/marketbeat/2013/03/11/intrade-shuts-down-months-after-federal-scrutiny/
Intrade has often been cited as a reliable barometer of public opinion but wasn't always right.