Financial Watchdogs welcome SEC examination for insider trading at the Fed

Financial Watchdogs welcome SEC examination for insider trading at the Fed

Better Markets, a non -profit independent organization that promotes the public interest in the financial markets, has reported that it would welcome any measure of the SEC that investigated insider trade at the Fed.

On October 6, Dennis Kelleher, co -founder and president of Better Markets, explained that a thorough, independent examination by the Sec is so important.

er specified DE FACTO confirmation of the SEC to investigate trade during pandemic by numerous leaders of the Federal Reserve.

At the beginning of this week it was reported that the deputy chairman of the Federal Reserve, Richard Clarida, on February 27, 2020, just one day before Fed published an emergency pandemic declaration, did millions of securities and investment funds.

It was also reported that the President of the Dallas Fed, Robert Kaplan, and the President of the Boston Fed, Eric Rosengren, also acted actively with shares and real estate, while the central bank was involved in a comprehensive rescue of the financial markets in the course of worsening the pandemic. Both Fed bosses resigned at the end of September.

Anti-banking and Anti-Krypto-Senatorin Elizabeth Warren And sent a letter to the second chairman Gary Gensler at the beginning of this week. As she recently done with crypto, Warren has not made any blows:

"The reports on these financial activities of FED civil servants raise serious questions about possible conflicts of interest and show disregard for public trust. They also reflect the hideous judgment of these officials and an attitude that personal profit greed is more important than the trust of the American people in Fed.

tip of the iceberg

Kelleher repeated the mood in yesterday's explanation and added: "In addition to the violation of the Fed guidelines, the failure to take the leadership, and the violation of public trust by trying to enrich themselves, while their political measures had an impact on the price of financial investments and while they appear to have been in the possession of essential not public information, this trade could have violated the law."

He added that people still have no idea whether this trade of a handful of Fed leader was only the tip of an iceberg.

At the beginning of this week Gary Gensler said "We as an agency check things that we are made aware", but not confirmed or denied none of the allegations.

In the meantime, regulatory authorities and a number of hardliner politicians are still claim that the crypto industry is the axis of evil when it comes to dodgy financial transactions.

Selected image with the friendly approval of FT

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