Showing posts with label Favor. Show all posts
Showing posts with label Favor. Show all posts

Monday, September 30, 2013

New Jersey Judge Rules In Favor Of Marriage Equality

NEW YORK CITY — Mercer County Superior Court Judge Mary Jacobson ruled Friday that same-sex couples can apply for and receive marriage licenses beginning Oct. 21.

The trial judge found that the earlier New Jersey Supreme Court opinion that led to civil unions in the state had demanded that same-sex couples receive all the same benefits as married couples. After the U.S. Supreme Court’s June decision striking down the federal ban on recognizing same-sex couples’ marriages, however, civil unions no longer give all the benefits of marriage because those couples are denied federal benefits.

“Same-sex couples must be allowed to marry in order to obtain equal protection of the law under the New Jersey Constitution,” Jacobson wrote in her ruling.

In describing the situation that presented the court after the United States v. Windsor ruling striking down part of the Defense of Marriage Act, Jacobson wrote, “in light of Windsor’s mandate that the federal government extend benefits to lawfully married same-sex couples, can the actions by several federal agencies refusing to grant those same rights to civil union partners render them liable for the resulting harm?”

The state argued that the federal government should recognize New Jersey’s civil unions for purpose of granting federal benefits, but the court found that argument to be an “attempt[] to foist all constitutional responsibility for the ineligibility of civil union couples for some federal benefits on the federal government.”

Jacobson’s final conclusion was, yes, the state is liable for the “resulting harm,” writing, “As a result [of the Windsor ruling], New Jersey same-sex couples in civil unions are no longer entitled to all of the same rights and benefits as opposite-sex married couples. … [T]hese couples are now denied benefits solely as a result of the label placed upon them by the State.”

The Associated Press reported that New Jersey officials are expected to appeal the decision, a decision later confirmed by a statement from Gov. Chris Christie’s spokesman, Michael Drewniak:

“Governor Christie has always maintained that he would abide by the will of the voters on the issue of marriage equality and called for it to be on the ballot this Election Day. Since the legislature refused to allow the people to decide expeditiously, we will let the Supreme Court make this constitutional determination.”

Christie’s opponent for re-election, Democrat Barbara Buono, said the decision was a “stark reminder that Governor Christie stands on the wrong side of history.”

Of her opponent, she said, “At every turn, he has prevented our gay brothers and sisters from enjoying the same rights as other New Jerseyans. He must now make a decision whether to continue to be an obstacle or to be part of the solution.”

In a statement, Troy Stevenson, the executive director of Garden State Equality, said, “We have been saying it for months and it stands true today: through litigation or legislation, we will win the dignity of marriage this year. We just won the first round through litigation and we will continue to fight until we guarantee marriage for all New Jersey couples.”

Human Rights Campaign president Chad Griffin pushed back against any appeal, “State officials should not appeal this sound decision and no longer stand in the way of loving couples being able to make a lifelong commitment with full state and federal recognition.”

[This story was updated as additional information became available, with the final update at 4:45 p.m.]


View the original article here

Wednesday, September 25, 2013

Trader Lost Millions Apparently Trying To Manipulate Intrade Data To Favor Mitt Romney

Former Massachusetts Gov. Mitt Romney pauses as he addresses supporters during his election night rally, Wednesday, Nov. 7, 2012, in Boston. David Goldman / AP

One trader lost at least $4 million betting on former presidential candidate Mitt Romney through Intrade, possibly to make it appear he was faring better against President Barack Obama in the waning days and hours of the 2012 election than he was.

That’s what a new study by Microsoft Research’s David Rothschild and Columbia University’s Rajiv Sethi suggests. The study, published earlier this month, analyzed Intrade transaction level data over the course of the final two weeks of the election cycle.

Intrade is an online exchange where members make bets on various events, notably presidential elections, and is watched closely by political insiders to gauge the strength of a candidate. Intrade was thrust into the spotlight in 2008 when it correctly predicted the outcome of the presidential election.

Rothschild and Sethi found that a single trader accounted for one-third of all bets made on Romney during the two week period of the study, which saw about 3.5 million contracts traded. The total election cycle had 7.6 million contracts traded.

The trader bet solely on Romney and constantly sold on Obama, losing about $4 million in the process.

Those actions effectively created what the study called a “firewall” that kept prices within a defined range and made the race seem closer than it really was.

During the same period prices on Betfair, another exchange that operates similarly to Intrade, were changing rapidly as new information came in while Intrade prices remained within a defined range.

The study says some voters tend to go with who they perceive as the “winning candidate” and will abandon those who they think are likely to lose. Turnout can also be affected by a similar sentiments. Although it was unlikely that this effort had any significant effect on the final tallies, according to the study, it was unusually successful in its ability to manipulate prices on the exchange.

The study says it’s possible this trader was simply hedging bets on Intrade to account for bets made in other exchanges such as Betfair, or thought Romney was underpriced, but the authors lean towards the explanation of manipulation.

The “firewall” was created around 3:30 p.m. ET on Election Day and collapsed around 9 p.m. ET when polls closed.


View the original article here