enhanced_deficit
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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
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.
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.”
cnbc.com/2021/09/17/fed-officials-owned-securities-it-was-buying-during-pandemic-raising-more-questions-about-conflicts.html
Relational
BlackRock Authored the Bailout Plan Before There Was a Crisis
Alleged deep neocons' spy and blackmailer Epstein had 'spoken to' foreign dictatorships about investing in Tesla
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.
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.”
cnbc.com/2021/09/17/fed-officials-owned-securities-it-was-buying-during-pandemic-raising-more-questions-about-conflicts.html
Relational
BlackRock Authored the Bailout Plan Before There Was a Crisis
Alleged deep neocons' spy and blackmailer Epstein had 'spoken to' foreign dictatorships about investing in Tesla
