FOIA Requests, Hedge-Fund Profits

Open-Government Laws Fuel Hedge-Fund Profits - WSJ.com: " . . . Some investors and officials at companies that make FOIA requests on investors' behalf said in interviews that hedge funds and other Wall Street firms are increasingly using the open-records system to gather information relevant to investment decisions. They said FDA reports about pharmaceutical companies are of particular interest. One of the quirks of the process is that the first person to ask for something is typically the first to get it—an incentive to dig for valuable information quickly, and an irritant to those who say all investors should get it at once. . . ."

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