Fed Chair Jerome Powell Sold Over $1 Million in Stocks Right Before Crash

[boutons_deux]

sold between $1 million and $5 million worth of stock just before a large stock market crash last year,

Powell’s massive sale came on October 1, 2020.

As the month went on, the Dow Jones Industrial average dropped nearly 6 percent (https://www.cbsnews.com/news/stock-market-dow-jones-covid-worst-month-october/), or by 1,600 points — the largest drop since March of 2020.

COVID was beginning to (https://www.nytimes.com/interactive/2021/us/covid-cases.html) spike in October after a short lull in cases in the summer and early fall.

Powell had communicated with Treasury Secretary Steve Mnuchin four times on the day of the sale,

https://truthout.org/articles/fed-chair-jerome-powell-sold-over-1-million-in-stocks-right-before-crash/

illegal trading on insider knowledge

[Winehole23]

What else do you expect the board of a cartel of private banks to do with the information, absent enforceable rules against doing it?

[Thread]

Please. You guys were fawning all over him as he gave President Trump short shrift...

Powell bad now.

[Will Hunting]

This country has a visceral corruption problem. An overwhelming majority of public officials think they're allowed to freely look out for their own interests as part of their job duties.

[CosmicCowboy]

The guy has a net worth of over 20 million. Of course he owns stocks. It is not necessarily insider trading when he buys and sells stock.

[DMC]

The guy has a net worth of over 20 million. Of course he owns stocks. It is not necessarily insider trading when he buys and sells stock.

That's a bit of circular reasoning. Perhaps he's worth 20m because of his corrupt methods.

[CosmicCowboy]

Kinda weird how congress never loses... ever... :lmao

He's not in congress.

[DMC]

Kinda weird how congress never loses... ever... :lmao


He's not in congress.

:lmao fucking idiot dabom

[CosmicCowboy]

People with privy information faggot. I thought you would make the connection. :lol

How do you know he traded on "inside information"? Anyone with a brain would know covid was going to hurt businesses like airlines and cruise lines as an example. People buy and sell stock all the time.

[Will Hunting]

How do you know he traded on "inside information"? Anyone with a brain would know covid was going to hurt businesses like airlines and cruise lines as an example. People buy and sell stock all the time.
Take someone like Pelosi as an example though; claiming someone can be as good at trading stocks as she is without having insider information is the equivalent of believing that Barry Bonds hit 74 home runs in 1 season without steroids.

[Will Hunting]

Someone as influential as the Fed Chairman simply shouldn't be able to do any discretionary trading; it should all be in a blind trust.

[Millennial_Messiah]

Fuck trading and stocks in the first place.

[boutons_deux]

this why the Repugs want to cripple the press

Fed revamps rules for officials, restricts trades after controversies

https://www.axios.com/fed-reserve-new-trading-rules-402c3216-8157-4846-84b3-76ec1cb8d578.html

... only because they got caught and exposed in the press.

Fascist Repugs will repress the press at every chance.

an the Capitalists are killing the press, too

================

When this hedge fund buys local newspapers, democracy suffers

hedge fund Alden Global Capital

the fund is stepping in to buy — and then gut — newsrooms across the country.

As newspapers vanish, so does civic engagement

Research shows that

when local newspapers disappear or are dramatically gutted,

communities tend to see lower voter turnout,

increased polarization,

a general erosion of civic engagement and

an environment in which misinformation and conspiracy theories can spread more easily.

city budgets increase as a result,

because corruption and dysfunction can take hold without a newspaper to hold powerful people to account.

"A lot of cities almost operate with the assumption that there will be

at least one local newspaper, in some cases several local newspapers, acting as a check on the authorities,"

https://www.npr.org/2021/10/18/1046952430/the-consequences-of-when-a-hedge-fund-buys-newspapers

The Capitalist oligarchy doesn't want journalistic checks on govt or on the Capitalists that corrupt govt.

[Winehole23]

This country has a visceral corruption problem. An overwhelming majority of public officials think they're allowed to freely look out for their own interests as part of their job duties.

1471155820679340037

[Winehole23]

Whoopsie

1479060960224722946

[boutons_deux]

Meanwhile, $100M Pelosi corruptly says Congress should be able to (insider-ly) trade in stocks.

[DMC]

wut, politicians capitalizing on insider shit, getting wealthy on federal salaries? Shocking if true.

[Winehole23]

Fed Vice Chair Clarida to step down early following scrutiny over his trades during pandemic (https://www.cnbc.com/economy/)

[Winehole23]

Powell reportedly hid trades, traded during FOMC blackout periods and lied about a conflict of interest.

https://occupythefed.substack.com/p/fed-scandal-bigger-than-watergate

[boutons_deux]

HOUSE DEMOCRATIC LEADERS WERE FACING A DISCHARGE PETITION ON CONGRESS STOCK TRADING BAN FROM REP. ALEXANDRIA OCASIO-CORTEZ

House Speaker Nancy Pelosi has finally endorsed a ban on stock trading by members of Congress.

HOUSE DEMOCRATIC LEADERS indicated today that

they are moving forward with (https://www.cnbc.com/2022/02/09/congress-moves-towards-banning-members-from-trading-stocks.html) legislation aimed at banning members of Congress from trading stocks,

a sharp reversal from their years of previous support for the practice.

House Speaker Nancy Pelosi, D-Calif., has reportedly dropped her opposition to the effort, opening the way for a bill this year.

Wide majorities have long considered it ridiculous that

members of Congress are able to own and trade stocks even as they have the power to move the prices of those stocks with legislative action or inaction.

After multiple trading scandals, Congress required disclosure of ownership and trades, though members frequently flout the rules.

https://theintercept.com/2022/02/09/stock-trading-ban-congress-pelosi-aoc/

If passed, then who will police/enforce Congress, and what will the penalities be?

Congress can use Signal to pass tips to proxies trading on their behalf

Pelosi was against stock trading, then, after her SFO BigDonor billionaire Twigs told her to reverse,

she announced Congress should be able to play the market (with insider information)

[Winehole23]

In March
2020, Fed Chair Powell made the unprecedented decision to intervene in the municipal bond market and purchase municipal bonds and ETFs directly as part of its “kitchen sink” response to the COVID-19 pandemic. The Fed had never made such a move, even during the depths of the Great Financial Crisis. The Fed’s intervention rapidly “propped up” the muni market and then some. The Fed spurred muni borrowing to a 10-year high and drove “riskier issuers” into the market.11


Fed Chair Powell actively bought and sold both specific muni bonds and actively-managed muni funds leading up to his unprecedented decision. The widely-distributed financial magazine Barron's even wrote an article touting Powell’s moves as a potential trading strategy in 2019.12 The Fed even purchased one of the specific Illinois muni bonds also held by Powell’s trust.13

[Winehole23]

1569698784308756483

[Winehole23]

Atlanta Fed chief Raphael Bostic filed incomplete financial disclosure forms every year he has been there. Bostic also traded during blackout periods. Says he was confused about the rules and not paying close attention to his account activity. Bostic also held US debt, contrary to rules.


“I want to be clear: at no time did I knowingly authorize or complete a financial transaction based on nonpublic information or with any intent to conceal or sidestep my obligations of transparent and accountable reporting,” Bostic said in an extensive statement (https://www.atlantafed.org/about/atlantafed/officers/executive_office/bostic-raphael/financial-disclosure.aspx) released alongside past corrected financial disclosure forms.https://www.politico.com/news/2022/10/14/atlanta-fed-ethics-rules-jerome-powell-00061922

[Winehole23]

Kaplan has been popping up on cable TV lately, I guess he's too desirable a guest to inconvenience with questions about insider trading.


The type of trading done by Kaplan appears to be expressly prohibited by the Code of Conduct of the Dallas Fed (https://www.dallasfed.org/-/media/Documents/careers/codeconduct.pdf?la=en). Appendix A on “Disqualifying Interests” of the Code of Conduct reads as follows:

“De minimis exemption for a matter of general applicability. An employee may participate in a particular matter of general applicability, such as rulemaking, where the disqualifying financial interest arises from ownership by the employee, his or her spouse or minor children of securities issued by one or more entities affected by the matter, if:


“(1) the securities are publicly traded, or are municipal securities, the market value of which does not exceed; (a) $25,000 in any one such entity; and (b) $50,000 in all affected entities;
“or (2) the securities are long-term federal government securities, the market value of which does not exceed $50,000.”



There was certainly nothing de minimis about Kaplan’s trading. In addition to his “multiple” trades in and out of S&P 500 futures, he lists on his financial disclosure form for 2020 (https://wallstreetonparade.com/wp-content/uploads/2021/09/Robert-Kaplan-Financial-Disclosure-2020.pdf) “multiple” purchases and sales of greater than $1 million per transaction in 11 individual stocks. Three of those were interest-rate sensitive Big Tech stocks (Amazon, Apple and Facebook) that rose between 75 percent to 90 percent from their March 2020 lows, in no small part because of the interest rate cuts and other interventions by the Federal Reserve in 2020.https://wallstreetonparade.com/2021/11/the-feds-board-of-governors-is-blocking-the-release-of-former-dallas-fed-president-robert-kaplans-trading-records/