Neumann Criticizes Betting on Blankfein

At Intrade.com, an online prediction market where wagers can be made on real-world events, people can now bet on whether Lloyd Blankfein will survive as Goldman Sachs CEO. George R. Neumann,a University of Iowa professor of economics who in 1988 helped invent the Iowa Political Stock Market as a learning tool, said, “I don’t know what the economic gain is and it’s in bad taste.”

Read the article