Unraveling the story about George Santos' insider trading on Kalshi
Summary
NPR tech correspondent Bobby Allen discusses his investigation into former Congressman George Santos, who was permanently banned from prediction market Kalshi for insider trading on his own attendance at the State of the Union. Allen details how he uncovered the scheme through sources and trader chatter, and recounts receiving violent threats from Santos after publishing the story. The episode also explores the risks prediction markets pose to the upcoming midterm elections, including vulnerabilities to manipulation, misinformation, and conflicts of interest involving election workers and c…
Topics discussed
Intro: Kalshi bans George Santos for insider trading
Background: Santos investigation and State of the Union bets
Context: Prediction markets and midterm election risks
Interview start: How Bobby Allen broke the story
The scoop: Sources, Discord chatter, and confirming the suspect
Verification: Confirming the investigation with regulators
Santos's phone call and threats against the reporter
Journalistic dilemma: Covering threats vs. giving oxygen
Aftermath: Santos's prison sentence and commutation
Election risks: Misinformation and market manipulation
Election risks: Poll workers and campaign insider trading
Regulatory shift: CFTC stance on election betting
Closing credits and sign-off
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