What Happened to Free Markets?

One of the assumptions of a free market is that all parties have equal access to all available information.  This is why things like “insider trading” are illegal.  We acknowledge that we do not live in a Pollyanna world of perfect competition and perfect information.  That said, we thought that the government was supposed to protect consumers from market manipulation.

It appears that this is not the case.  Any viewer of CNBC or Fox Business know that the release of minutes of the Federal Reserve’s Open Market Committee (FOMC) or of a Board of Governors’ meeting can, and do, move markets.  Why then did copies of the minutes of the March Fed meeting go out a day early to several banks, at least one hedge fund, a law firm, and several Congressional staffer?

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