[HN Gopher] Jay Powell traded during blackout period; failed to ...
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Jay Powell traded during blackout period; failed to disclose most
trade dates
Author : itronitron
Score : 88 points
Date : 2022-02-07 21:22 UTC (1 hours ago)
(HTM) web link (occupythefed.substack.com)
(TXT) w3m dump (occupythefed.substack.com)
| readthenotes1 wrote:
| Rules for thee...
| bmmayer1 wrote:
| Bombshell, if true. Is there a less ideologically motivated
| source reporting on this?
| rfw300 wrote:
| Yeah. This post certainly warrants further inquiry but our
| baseline level of skepticism should be fairly high here.
| munchler wrote:
| I can't find anything about this from an actual news site.
| Hopefully, they'll pick it up soon if it's for real.
| hnuser847 wrote:
| It's old news and was reported on by the MSM almost six
| months ago. Just search for "Jerome Powell insider trading"
| and a bunch of articles will pop up.
|
| NY Times (October 4, 2021) -
| https://www.nytimes.com/2021/10/04/business/elizabeth-
| warren...
|
| NY Post (October 18, 2021) -
| https://nypost.com/2021/10/18/fed-chair-powell-sold-
| millions...
|
| Bloomberg (October 19, 2021) - https://www.bloomberg.com/opin
| ion/articles/2021-10-19/jerome...
|
| Intelligencier (Jan 10, 2022) -
| https://nymag.com/intelligencer/2022/01/washington-d-c-
| has-a...
| thawaya3113 wrote:
| The 2 who were found to have made unethical trades were
| removed.
|
| Lawmakers have asked to investigate Powell's trades but
| there is no evidence that they were unethical.
|
| It might be fishy that some of his trades were days before
| massive Wall Street swings. Hence the justifiable requests
| for investigations, but considering Powell makes several
| transactions a year, and there were many days with massive
| swings in the market over the past couple of years, some of
| those swings being uncomfortably close to trades are not
| all that suspicious by themselves.
| stickyricky wrote:
| There was a time when government documents and quotes from
| primary sources were considered evidence. What point would
| materially change if it were distributed on CNN.com?
| munchler wrote:
| Most informed citizens don't have the time or expertise to
| consume primary sources directly. It's extremely useful to
| have a trusted news source do this for us, and then present
| their findings in an easily understood article.
| totalZero wrote:
| The article makes almost zero effort to explain references
| to primary sources. It just has a list of documents at the
| end. I have no idea how to sort through and verify any of
| the claims made by the author.
| [deleted]
| gojomo wrote:
| Well, I don't know the reputation of
| 'occupythefed.substack.com' from a long-history of
| reporting. What they purport to be valid images, &
| interpretations, of "government documents" may or may not
| be. If & when other outlets with more legible reputations
| (as well as known biases) pick up the same evidence, I'll
| have more trust in this outlet's claims.
| ketzo wrote:
| It would have had to pass through a major news
| organization's in-house fact checking apparatus.
|
| I know CNN is pretty liberally biased, and blind trust in
| news organizations is a bad idea.
|
| But I think it's disingenuous to say that "government
| documents and quotes from primary sources" on a tiny
| Substack hold the same weight as information that goes out
| on the nightly news.
| thorncorona wrote:
| I'm pretty skeptical of the reporting of this. The writing
| itself is quite subpar and the sourcing is touchy to say the
| least. I just picked a blurb at random.
|
| > Despite his massive personal financial conflicts, Chair
| Powell has acted with impunity to advantage the Wall Street
| firms managing his investment fund holdings both before and
| after the pandemic. Indeed, in late 2019, prior to the COVID-19
| pandemic, Powell directed the Fed to engage in an unprecedented
| emergency repo program that provided nearly $20 TRILLION in
| cumulative loans to Wall Street, including ~$3.7 trillion to
| Japan's Nomura Securities and ~$1.4 trillion to Germany's
| Deutsche Bank trading arms. Industry experts have opined that
| the program was in direct violation of the Dodd-Frank Act.24
|
| > 24 https://wallstreetonparade.com/2022/01/a-nomura-document-
| may...
|
| By Pam Martens and Russ Martens
|
| > Mr. Martens' career spans four decades in publishing and
| printing management, including magazine and music publishing
| and the non-profit sector. Mr. Martens has received numerous
| awards in publishing and graphic design.
|
| > Ms. Martens worked on Wall Street for 21 years. The last
| decade of her career was spent as an outspoken critic of Wall
| Street's corrupt practices, its private justice system and the
| repeal of the Glass-Steagall Act.
|
| Except there's no listed institutions / non-profits /
| publishers of note. If this is their bombshell article, and
| this is the strongest source they can pull up, it's pretty
| weak. Wall Street On Parade is also banned on reddit for vote
| manipulation apparently.
|
| Searching on Google for Wall Street on Parade leads to
| r/GMEJungle r/Superstonk etc etc. Which leads me to believe
| there's a 99% chance this article is a conspiracy theory
| written by QQQanon.
| tablespoon wrote:
| > Chair Powell has acted with impunity
|
| Chairs can't act, they can only be passively sat upon.
| thawaya3113 wrote:
| For context, DB's latest balance sheet has their total assets
| at $1.3Tn. Net assets and shareholder equity on the balance
| sheet are obviously far lower due to liabilities.
|
| Point is, the apparent loan is greater than their entire
| assets and much greater than all their liabilities.
|
| Unless this 1 publicly traded bank is carrying trillions in
| secret liabilities, why would they even borrow that much from
| the Fed.
| MatteoFrigo wrote:
| TFA has no idea what they are talking about. They are just
| adding the amount of rolled-over repos.
|
| For example, assume that I lend you $1000 for one day. The
| following day you pay me back $1000 plus interest, and I
| lend you $1000 for another day. We keep going for 1000
| days, rolling over the debt. TFA would say I have lent you
| $1M. In reality, I have lent you $1000 for three years or
| so.
| MegaButts wrote:
| > They are just adding the amount of rolled-over repos.
|
| Why do you think this?
| thawaya3113 wrote:
| That's unbelievable and makes no sense.
|
| Why would you cumulate overnight repos...
| thakoppno wrote:
| if true, resign?
| vmception wrote:
| This is beautiful, hope it doesn't affect his confirmation
| though!
|
| I think this has been going on for the last 100 years.
|
| I don't want anybody else on the job.
| newfriend wrote:
| I think we need more diversity in the position.
| thawaya3113 wrote:
| I looked up the claim that Powell traded on the day of the
| meeting of Dec 11, 2019.
|
| And I don't know if this data is available and I'm certainly not
| an expert, but the statement of that meeting (which was a Dec
| 10-11, 2019 meeting) was to be released at 2pm EST.
|
| Which still gives at least 2 hours for market close.
|
| Considering he would have had blackout dates for 10 days prior,
| it's completely natural for there to have been a string of
| transaction activity right after the meeting.
|
| Now, the transaction calendar doesn't give a time, so if the
| transactions were made at 9AM that might be bad (although if
| that's the case why did he wait till the second day of the
| meeting).
|
| In addition, the transactions were made by the Family Trust (it's
| not clear if this is a blind trust or not, however).
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(page generated 2022-02-07 23:02 UTC)