The lobbying law firm targeted for questioning by Sen. Chuck Grassley (R-Iowa) after non-public information was leaked to investors leading to a major last-minute rally in health insurance stocks earlier this month announced it will no longer represent political intelligence firms, according to a report by Bloomberg News.
Mark Hayes, a lobbyist employed by the law firm Greeberg Traurig that made the announcement, informed investment and political intelligence firm Height Analytics on April 1 that CMS had reversed its decision to cut Medicare Advantage rates and would instead raise them. Height, in turn, emailed a memo informing clients of the surprise decision 45 minutes before CMS made its public announcement. Mr. Hayes is an outside lobbyist for Humana, a major health insurer, which saw its own stocks rise the most among its competing health insurers.
A spokeswoman from Greenberg Traurig wrote in an email that "providing government relations services to an entity in the 'political intelligence' area may lead to misunderstanding and unintended use of those services, even when compliant with legal and ethical standards," according to Bloomberg News. That statement comes after both Humana and Height said last week that they had ended business with Greenberg Traurig.
No individuals or companies have been charged with any violations for sharing non-public information or engaging in any illegal insider trading activity.
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Mark Hayes, a lobbyist employed by the law firm Greeberg Traurig that made the announcement, informed investment and political intelligence firm Height Analytics on April 1 that CMS had reversed its decision to cut Medicare Advantage rates and would instead raise them. Height, in turn, emailed a memo informing clients of the surprise decision 45 minutes before CMS made its public announcement. Mr. Hayes is an outside lobbyist for Humana, a major health insurer, which saw its own stocks rise the most among its competing health insurers.
A spokeswoman from Greenberg Traurig wrote in an email that "providing government relations services to an entity in the 'political intelligence' area may lead to misunderstanding and unintended use of those services, even when compliant with legal and ethical standards," according to Bloomberg News. That statement comes after both Humana and Height said last week that they had ended business with Greenberg Traurig.
No individuals or companies have been charged with any violations for sharing non-public information or engaging in any illegal insider trading activity.
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