Has Labour been spending like a drunken sailor on iPredict?

It would seem so. iPredict used the headline Manipulation! to describe attempts to pump Labour’s stocks on iPredict.

Matthew Hooton is much more blunt outright blaming Labour for the market manipulation.

While only the administrator can know who is trading, the pattern strongly suggests to me that either pro-Labour activists or even the Labour Party itself were behind the effort.

A Labour connection also seems likely given that the attempted Gordon Gekko clearly had no understanding of how markets worked and that such attempts are doomed to failure.  Buying up Goff to a price the rest of the market regards as unrealistic just provides greater profit opportunities for others, which leads to a market correction.

Even better is that the failed attempt to manipulate the market means investors and market observers (including the media and political commentators) can have even more confidence in the pricing of the relevant stocks, which now appear to have settled back at around 90c for John Key and around 10c for Phil Goff.  What we now need is for National activists to get into the game (they will fail too, but their failed attempts will further help improve market accuracy).

Many thousands of dollars have been traded in the failed manipulation attempt and I sincerely hope this has not come out of Labour’s campaign funds.  That’s not what people give money to their party for.  No doubt the media will be asking Phil Goff’s office and Labour HQ if they knew anything about today’s stunt.

Of course Labour isn’t averse to market manipulations having done it before to tank Air New Zealand stocks so they could buy it back at a bargain basement price.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.