Thursday, June 14, 2012

Secret Poll Numbers May be Behind Today's 20% Pop in Greek Bank Stocks

Oh what a risky little game.
Some day I'll tell you about the guy I knew who lost money trading on inside information.
From CNBC's NetNet:
Secret polling numbers may be driving Greek banks stocks straight up.

Greek banking stocks surged 20 percent Thursday "amid market talk that secret opinion polls were showing that a government favorable to the international bailout agreement was likely to emerge after the June 17 election," Reuters reports

Right now, it is illegal in Greece to publish electoral polls prior to the election. But it is not illegal to take polls without publishing them. In fact, Greek political parties and media organizations constantly poll the electorate during the two-week "quiet period" before the election, according to sources familiar with the matter. 

What's new this year is that hedge funds are also conducting polls. At least two funds have been conducting polls of Greeks, according to my reporting. Most likely, the real number of private polls is much higher...MORE