Political intelligence is carried out by a "small group of firms" that "mine" the Nation's Capital "for information and translate Washington wonkspeak into trading tips," Business Week reported December 26, 2005. "Unlike lobbyists, political intelligence outfits are not required to disclose their clients or annual revenues, masking the size of this very quiet business. One veteran estimates there are more than a half-dozen contenders collectively raking in $30 million to $40 million a year. Prominent players include the Washington research shops" of Prudential Financial Inc., Lehman Brothers Holdings Inc., and Stanford Washington Research Group, a subsidiary of the Stanford Group Company owned by Stanford Financial Group of Houston.
Study: U.S. Senate Stock Investments 1993-1998
"The actions of the federal government can have a profound impact on financial markets. As prominent participants in the government decision making process, U.S. Senators are likely to have knowledge of forthcoming government actions before the information becomes public. This could provide them with an informational advantage over other investors. We test for abnormal returns from the common stock investments of members of the U.S. Senate during the period 1993--1998. We document that a portfolio that mimics the purchases of U.S. Senators beats the market by 85 basis points per month, while a portfolio that mimics the sales of Senators lags the market by 12 basis points per month. The large difference in the returns of stocks bought and sold (nearly one percentage point per month) is economically large and reliably positive." --Alan J. Ziobrowski, Ping Cheng, James W. Boyd, and Brigitte J. Ziobrowski, "Abnormal Returns from the Common Stock Investments of the U.S. Senate," Journal of Financial and Quantitative Analysis, December 2004.
"The study suggests senators have an advantage over other investors because of information made available to them due to their position in the U.S. Senate." 
- Steve Chio, "Study finds senators profit from privileged information," Signal (Georgia State University), March 30, 2004.
- Stephen Bainbridge, "Senate Stock Trading," ProfessorBainbridge.com, October 26, 2004.
- Jim Snyder, "K Street phones Wall Street," The Hill, February 15, 2005.
- "Hedge Funds Hire Lobbyists for Inside Tips on U.S. Legislation," Bloomberg News, March 18, 2005: "Former U.S. Senator John Breaux [(D-Louisiana)], who retired in January, is still walking the halls of Congress. Instead of brokering deals with lawmakers, he's serving as a pipeline for a New York hedge fund."
- "Stanford Group Company Expands in Dallas, Offering Wealth Management and Financial Services to Both Private Clients and Institutions," Business Wire (FindArticles.com), April 18, 2005. *"Forecasting Tomorrow's Political Headlines Today--Political Intelligence Guides Hedge Funds," Business-Informant.com, December 6, 2005.
- "Rep. Baird Takes On Capitol Hill Insider Trading. Baird, Business Week: Investors Benefiting Before Lawmakers Make Policy Moves," Representative Brian Baird's Official Website, December 16, 2005: "Congressman Brian Baird today announced his intent to rein in Wall Streetâ??s influential connections to Capitol Hill. Congressman Baird, troubled by the growing 'political intelligence' industry in D.C., has asked the House Ethics Committee to clarify whether or not lawmakers and staffers can share profitable, nonpublic information that has the potential to move financial markets."
- Don Jenkins, "Baird pushes for investment ethics," The Daily News (Longview, Washington), December 16, 2005.
- Kathie Durbin, "Baird: Curb 'political intelligence' gathering," The Columbian (Washington), December 25, 2005.
- "Washington Whispers To Wall Street. Low-profile firms enjoy a lucrative business selling 'political intelligence'," Business Week, December 26, 2005.
- John Byrne, "Democrats want ethics committee to probe 'day trading' allegations," The Raw Story, January 19, 2006: "After a comment by Rep. Louise Slaughter (D-NY) on Air America's Majority Report Wednesday evening, RAW STORY has learned that House Democrats are pushing the ethics committee to investigate allegations of congressional offices providing privleged information to Wall Street investors."
- Josh Orton, "Insider Trading in Frist and Delay's Office: Story Growing," Daily Kos, January 19, 2006. re Bill Frist and Thomas D. DeLay
- "Oil, War and Political Intelligence," PRWEB, January 19, 2006.