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Fed Released Minutes Early Yesterday by Accident
Posted on 4/11/13 at 10:16 am
Posted on 4/11/13 at 10:16 am
Would've posted yesterday but I found this right when work kicked into nutty mode. So about 100 aliases were sent the Fed minutes at 6:30 AM yesterday, including congressman and employess of Goldman Sachs, Barclays Capital, Wells Fargo, Citigroup, UBS and JPMorgan.
Really?
I'm one of the biggest Fed and Bernanke supporters around, but are you fricking serious? I was thinking about posting this on the poli board, but then I'd have to reply to the Zionist/Anti-Central Bank shite. Regardless, somebody definitely has an empty desk today.
Really?
I'm one of the biggest Fed and Bernanke supporters around, but are you fricking serious? I was thinking about posting this on the poli board, but then I'd have to reply to the Zionist/Anti-Central Bank shite. Regardless, somebody definitely has an empty desk today.
4
Posted on 4/11/13 at 11:35 am to BennyAndTheInkJets
This is right up there with the "Fat Finger" excuse.
Person responsible should be fired.
Person responsible should be fired.
Posted on 4/11/13 at 11:40 am to Blakely Bimbo
I have literally zero inside knowledge of the situation, but I am almost 100% certain this has happened.
Posted on 4/11/13 at 11:44 am to BennyAndTheInkJets
quote:
A copy of the email obtained by Reuters showed it was sent by Brian Gross, a member of the Fed's congressional liaison staff.
F me I wouldn't want to be this guy today.
Posted on 4/11/13 at 12:39 pm to Blakely Bimbo
quote:
This is right up there with the "Fat Finger" excuse.
Person responsible should be fired.
Posted on 4/11/13 at 1:10 pm to BennyAndTheInkJets
quote:
Among those who received the minutes early were people with email addresses that identified them as working for a number of financial firms, including Goldman Sachs, Barclays Capital, Wells Fargo, Citigroup, UBS and JPMorgan, which regularly trade on new information about monetary policy.
quote:
A copy of the email obtained by Reuters showed it was sent by Brian Gross, a member of the Fed's congressional liaison staff. The minutes were sent as an attachment to the email that was labeled as being embargoed for release at 2 p.m. (1800 GMT); the attachment referenced both Wednesday and the date April 10.
So uhhhh, yeah, this looks pretty bad, as in probably a lot worse than some people are making it out to be.
How in the world does some guy who's job is to be a liaison to Congress get this information early in the first place? Why is he in the circle of people who need to know about this report before it's released to the media?
He obviously made a one-off brain dead mistake by sending out the email, but what was his usual routine before he made such a mistake?
Posted on 4/11/13 at 1:16 pm to Doc Fenton
quote:Very good question.
How in the world does some guy who's job is to be a liaison to Congress get this information early in the first place?
Posted on 4/11/13 at 1:36 pm to LSURussian
I try my best not to go all "tin foil hat", but sending an email with this kind of information in error almost seems to be to stupid to be accidental.
Posted on 4/11/13 at 1:46 pm to Doc Fenton
quote:
How in the world does some guy who's job is to be a liaison to Congress get this information early in the first place?
It was internal staff at the Fed, and most of the Fed staff can see this information early, that's not that big of deal. The liason is simply a title for saying "This guy handles the official communication with Congress". Not some guy who works for Congress and the Fed.
I'm not downplaying how bad this is but I think there is a much bigger question is this. I understand that many employees of investment banks and other managers are often emailing Congress and each other back and forth. However, the fact that there is an internal alias for communication with these same people with what is supposed to be the official point of contact at the Federal Reserve, not just some old friends emailing, the official point of contact.
That bothers me.
This post was edited on 4/11/13 at 2:58 pm
Posted on 4/11/13 at 2:24 pm to BennyAndTheInkJets
This is not a subject that I have much knowledge about. Can somebody explain the possible consequences of this?
Posted on 4/11/13 at 2:52 pm to Vols&Shaft83
quote:
Can somebody explain the possible consequences of this?
The biggest market participant and market mover right now is by far the Federal Reserve. The Fed announcement, Bernanke's Q&A, and the Fed minutes are the biggest pieces of information to move the markets in the current environment.
Whoever got this information early could absolutely front-run every market. When I say every market, I mean EVERY market. Risk assets are buyoed by Fed policy right now. Not only did somebody get this information early, but the people that got it were congressmen and investment banks.
This post was edited on 4/11/13 at 2:59 pm
Posted on 4/11/13 at 3:08 pm to BennyAndTheInkJets
This doesn't exactly instill a lot of trust with the government, fed, or investment banks with joe public. This guy needs to be fired immediately IMO.
Posted on 4/11/13 at 4:02 pm to BennyAndTheInkJets
quote:
Whoever got this information early could absolutely front-run every market. When I say every market, I mean EVERY market. Risk assets are buyoed by Fed policy right now. Not only did somebody get this information early, but the people that got it were congressmen and investment banks.
That's what I figured, but I didn't want to assume. Unbelievable, Heads should fricking roll
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