Irony Files: Leaked Investigation Story May Hurt Case

We of course have no clue about any facts related to the Icahn-Walters-Mickelson probe into possible insider trading. But last Friday's stories from the WSJ and New York Times, combined with an FBI appearance at the Memorial Tournament, suggested based on past cases that things were wrapping up.

Or perhaps they were stalled?

But there is also the very real possibility that the case is razor thin and the forthcoming stories prompted an FBI visit to try and get witness cooperation from Mickelson before it went public?

The possibilities are endless so I'll stop speculating now and instead point you to an interesting supposition by Tyler Durden (thanks Dave Shedloski for Tweeting) which suggests that the leaked story hurts investigator's chances of wire-tapping the subjects, possibly eliminating the option to make a case.

On Morning Drive, Gary Williams discussed the latest on the case with CNBC's Scott Wapner, including the wiretapping element.

Billy Walters, meanwhile, issued a statement. He's not done anything wrong, if you were looking for the Cliff's Notes version.

Tod Leonard wrote about the Mickelson-Walters friendship, and in particular their money games at Rancho Santa Fe that "are more than $5 per side."

As members of the Rancho Santa Fe Golf Club, pro golfer Phil Mickelson and gambler Billy Walters occasionally meet early on Sunday mornings, caddies in tow, for what observers say are matches whose stakes are more than $5 per side.

Walters told “60 Minutes” in 2011 that he once made $1 million betting during a golf round and has won $400,000 on a single hole.

Mickelson is both rich and daring enough to partake in high-stakes money affairs on the golf course. In Phil’s world, if you’re not betting, you’re not trying.

The question is: Did the mutual admiration and camaraderie between the two cross a line that would get them in trouble for insider stock trading?