Fed president steps down after admitting leaking confidential info

A top Federal Reserve official announced his immediate resignation Tuesday after admitting he was one of the sources behind the biggest leaks in the US central bank’s history. Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, admitted that he was behind a leak to Medley Global Advisors, a hedge fund advisory firm, about a pending decision to prop up the economy, according to a statement.

and:

The proposal was whether the Fed should buy $40 billion of mortgage bonds as part of its quantitative easing program, and has since been called QE3, since it was the third round of the program. The information was important because it signaled that the Fed was ready to buy huge quantities of US bonds — a signal that the assets’ prices were going to rise.

eta:
nypost.com...

This seems like insider trading on a gargantuan scale. I wonder if Mr. Lacker will wisk away to the nice private island a good buddy just bought for him?

somewhere, there is an idiot who had a friend like this. Life is sooper fair. Bwahahahahahah!!!

a reply to: network dude

This seems like insider trading on a gargantuan scale.

No, its the Russians I tell you. The Russians MAN!!!!!!!!!!!!

We need to figure out how to bring people back from the dead, so we can bring back Patrick Swayze and go red dawn on those commies.

AND what the guy below me said. Audit the FED or lets save some time and money and just kick them out.

Audit the Fed.

*The room slowly looks in Susan Rice's direction*

a reply to: network dude

More redemption for the tin-foil hattists! Who still scoffs when you tell them The Fed can manipulate the economy on a whim?

This seems like insider trading on a gargantuan scale.

Medley, which is owned by the Financial Times, makes money by blasting out information to high-paying hedge fund subscribers who are able to make trades before the general public.

Sounds exactly what it is. However, I wouldn't doubt there is a loophole.

originally posted by: The GUT
Audit the Fed.

The problem with that is that it will show the world that the US dollar is worth the same as belly button fluff and throw the USA into the 3rd world.

The USA economy is running on fairys, wishes and unicorn farts.

a reply to: crazyewok

As are all the worlds fiat economies

a reply to: The GUT

Asset backed currency.

originally posted by: The GUT
Audit the Fed.

I've heard it said that, "Blood makes the grass grow."

Do bodies make the desert bloom? We should start smearing these thieves around out there and see. I want my tax dollars back with interest. I'll take it in the form of tax-free land. Land I can pass on to my kids without an inheritance tax.

a reply to: Snarl

Careful what you wish for. Property taxes can kill ya.

originally posted by: crazyewok

originally posted by: The GUT
Audit the Fed.

The problem with that is that it will show the world that the US dollar is worth the same as belly button fluff and throw the USA into the 3rd world.

The USA economy is running on fairys, wishes and unicorn farts.

Debts would also evaporate since they will be based in US dollars.

a reply to: jkm1864

Some...but most have been tied to real assests

a reply to: network dude

No one is ever convicted of white collar crimes. He won't even be charged.

originally posted by: network dude

A top Federal Reserve official announced his immediate resignation Tuesday after admitting he was one of the sources behind the biggest leaks in the US central bank’s history. Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, admitted that he was behind a leak to Medley Global Advisors, a hedge fund advisory firm, about a pending decision to prop up the economy, according to a statement.

and:

The proposal was whether the Fed should buy $40 billion of mortgage bonds as part of its quantitative easing program, and has since been called QE3, since it was the third round of the program. The information was important because it signaled that the Fed was ready to buy huge quantities of US bonds — a signal that the assets’ prices were going to rise.

eta:
nypost.com...

This seems like insider trading on a gargantuan scale. I wonder if Mr. Lacker will wisk away to the nice private island a good buddy just bought for him?

somewhere, there is an idiot who had a friend like this. Life is sooper fair. Bwahahahahahah!!!

Ouch...guessing more will come out on this as he is unlikely to take the fall.

Corruption corruption everywhere, but no time to stop and think....

originally posted by: The GUT
Audit the Fed.

For anyone interested, here is the history of the Fed and what their existence means to the average Joe making the median worker's wage:

www.youtube.com...

Jackson abolished the fed, van buren suffered for it.

Im not well enough informed to know if that was organic, or if people who wanted to re-establish the federal reserve were using their money to play games and drive national sentiment.

You have a choice: either your money rots, or you suffer periodic depressions. Those are the choices given us, although not the only choice available.

a reply to: seasonal

Asset backed currency

You mean like that gold that's doesn't exist in Fort Knox?

a reply to: jkm1864

Debts would also evaporate since they will be based in US dollars.

Huh? Debts are collateralized usually against real estate. Banks aren't dumb.

Who still scoffs when you tell them The Fed can manipulate the economy on a whim?

Of course they can manipulate the economy, that's the whole reason for their existence, and it's a good thing too or we'd still be in a depression.

a reply to: CB328

It is a good thing for Americans to prop up the government so they can prop up the fed so they can prop up wall st?

You'd be one of the first I've heard that is for the fed. Can you elaborate?