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Thread: While you were debating masks, central bank bought securities that Fed chief & officials owned

  1. #1

    Post While you were debating masks, central bank bought securities that Fed chief & officials owned

    Who knows what other info they could be sitting on. This being CNBC (non-neocons wing) , info leaked could be just part of damage control:

    Fed Chief Powell, other officials owned securities central bank bought during pandemic

    Published Fri, Sep 17 2021
    Steve Liesman

    Key Points

    • Federal Reserve Chairman Jerome Powell has ordered a review of ethics rules for the central bank after an outcry over officials owning individual securities.

    Amid an outcry about Federal Reserve officials owning and trading individual securities, an in-depth look by CNBC at officials’ financial disclosures found three who last year held assets of the same type the Fed itself was buying, including Chairman Jerome Powell.
    None of these holdings or transactions appeared to violate the Fed’s code of conduct. But they raise further questions about the Fed’s conflict of interest policies and the oversight of central bank officials.

    • Powell held between $1.25 million and $2.5 million of municipal bonds in family trusts over which he is said to have no control. They were just a small portion of his total reported assets. While the bonds were purchased prior to 2019, they were held while the Fed last year bought $21.3 billion in munis, including one from the state of Illinois purchased by his family trust in 2016. Among the very few bonds the Fed bought last year was one from the State of Illinois.
    • Boston Fed President Eric Rosengren held between $151,000 and $800,000 worth of real estate investment trusts that owned mortgage backed securities. He made as many as 37 separate trades in the four REITS while the Fed purchased almost $700 billion in MBS.
    • Richmond Fed President Thomas Barkin held $1.35 million to $3 million in individual corporate bonds purchased before 2020. They include bonds of Pepsi, Home Depot and Eli Lilly. The Fed last year opened a corporate bond buying facility and bought $46.5 billion of corporate bonds.

    Among those questions: Should the Fed have banned officials from holding, buying and selling the same assets the Fed itself was buying last year when it dramatically widened the types of assets it would purchase in response to the pandemic?

    The Fed’s own code of conduct says officials “should be careful to avoid any dealings or other conduct that might convey even an appearance of conflict between their personal interests, the interests of the system, and the public interest.”
    In response to CNBC questions asked in the process of our research, a Fed spokesperson released a statement Thursday saying Powell ordered a review last week of the Fed’s ethics rules surrounding “permissible financial holdings and activities by senior Fed officials.”


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  3. #2
    LOL , so the fed is buying 120 billion a month and them owning what they are buying and actively pursuing them is no code of conduct violation . That looks legit.
    Do something Danke

  4. #3
    ED, why you no cover Double Enhanced Drone Gangsta pupppet Biden's deadly drone attack on the kids?
    "Every lie we tell incurs a debt to the truth. Sooner or later, that debt is paid." - Valery Legasov

  5. #4
    To be fair, it is already being discussed AF... you may have missed this thread:

    Biden resumes drone strikes in Afghanistan, 'it believed its strike killed no civilians'
    Ten members of one family, including several children, killed following US drone strike in Kabul, family says
    30 August 2021


    While You Were Debating Obama’s ‘Selfie,’ U.S. Drones Killed 13+ Yemen Wedding Guests
    This was "selfie" by SWC DDK Obama that was being talked about in US media (where he allegedly was joking around with a European politician's wife at Mandela's funeral while his wife looked on not so pleased with his behavior):

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