'Dead pool' creator to resign

| 8/1/2003

The official who oversaw a plan for the Pentagon to run a terrorism futures-trading market is resigning under pressure, a senior defense official said July 31, as reported by The Associated Press.

John Poindexter, a retired rear admiral who was President Ronald Reagan's national security adviser, will step down, the official said, following disclosure of a proposal that angered lawmakers and Pentagon officials.

The plan was to create an online betting parlor that would have rewarded investors who forecast terrorist attacks, assassinations and coups.

Defense Secretary Donald Rumsfeld did not personally dismiss Poindexter, but the defense official said Rumsfeld agreed that the admiral's credibility was damaged and that he should leave.