BROWSE BY TOPIC
Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Did NY Fed President ‘Blab’ During a Blackout?
Nine days ago, professional golfer Lexi Thompson was leading an LPGA Major golf tournament when he was given a 4-stroke penalty. One day earlier, a TV viewer advised tournament officials by email that that Ms. Thompson appeared to have committed a rule infraction. Sure enough, replays confirmed that Ms. Thompson had replaced her ball in the wrong place on the 12th hole putting green - and she was assessed a 4-stroke penalty on Sunday, one day after the infraction. Ms. Thompson ended up losing the tournament.
THE STORY. NYPost columnist John Crudele writes today that, in 2011, he caught William Dudley, president of the New York Federal Reserve Bank, in meetings he wasn’t supposed to have with some of Wall Street’s top players. While Mr. Crudele admitted that he did not attend those meetings, and was not told what had been discussed, he did note that, during these blackout periods Fed officials are supposed to clam up - and make no public pronouncements - which he assumes would cover Dudley’s informal dinners.
And, for good measure, he added that, at the time, “nobody cared.” So, what prompted Mr. Crudele to bring up his 6-year old observations?
“I am mentioning this because the head of the Richmond, Va., Fed, Jeffrey Lacker, abruptly resigned last week for doing far less bad than Dudley might have done.
In his admission, Lacker says he took an October 2012 phone call from an analyst at an investment advisory firm and had a conversation about something the Fed was considering - the purchase of $40 billion worth of mortgage bonds - to try to help the economy. Much of that information had already been in the newspapers but, still, Lacker’s conversation was useful to the analyst, who issued a report to his clients the next day. Mr. Lacker also noted that a “separate investigation” was conducted into so-called leaks from within the Federal Reserve.
It is Crudele's hope that, based on today's disclosures, “investigators now know where to look.”
TAKE AWAY. Like it or not, this is the Age of Interactive Media, where non-participants can have an impact on events. What is unfortunate, however, is the frequency with which non-participants can shape history based on so-called "Alt News."