Friday, Sep 4, 2009
Intrade has listed a market on the possible departure of Charles Rangel as Chairman of the House Ways and Means Committee.
This market can be found under Politics -- US Congress.
Contract Rules:
This contract will settle (expire) at 100 ($10.00) if Charles Rangel departs as Chairman of House Ways and Means Committee before midnight ET on the date specified in the contract.
The contract will settle (expire) at 0 ($0.00) if Charles Rangel does not depart as Chairman of House Ways and Means Committee before midnight ET on the date specified in the contract.
Expiry will be based on official announcements from Charles Rangel and/or the Democratic Party, as reported in three independent and reliable media sources.
A departure may be forced or voluntary. A departure includes (but is not limited to):
- Resignation
- Retirement
- Expulsion
The departure must be permanent. If the named individual takes a leave of absence, temorarily steps aside or is temporarily relieved of duty the contract will not be expired.
A resignation does not have to result in the individual actually departing from their current position by the date specified in the contract. The contract will expire when the resignation or retirement is announced, regardless of when it takes effect. A tendered resignation that is not accepted will cause the contract to expire at 0
These contracts do not cover the death of the person named in the contract. In the event of the named person's death before expiry the contract will be unwound, all trades reversed and all trading fees refunded.
Due to the nature of this contract please also see Contract Rule 1.7 Unforeseen Circumstances.
The Exchange reserves the right to invoke Contract Rule 1.8 (Time Protection) if deemed appropriate.
Any changes to the result after the contract has expired will not be taken into account - Exchange Rule 1.4
Please contact the exchange by emailing help@intrade.com if you have any questions regarding this contract before you place a trade