Number one ain’t you
Maybe Rand Paul is right about the Federal Reserve (commenter liberal via Disequilibria, which excerpts this article but strangely links to a different story):
The minutes from that same gathering of the powerful Federal Open Market Committee, or FOMC, are made available to the public—but only after a three-week lag. So Meyer’s clients were provided with a glimpse into what the Fed was thinking well ahead of other investors.
[....]
A respected economist, Meyer charges clients around $75,000 for his product, which includes a popular forecasting service. He frequently shares his research with reporters, though he kept this note out of the public eye. Reuters obtained a copy from a market source. Meyer declined to comment for this story, as did the Federal Reserve.
You ain’t even ‘Number Two’...
October 10th, 2010 at 12:24 pm
Is Meyer a member of the FOMC? I suppose conflict-of-interest concerns don’t apply to the master of the universe class.
October 10th, 2010 at 12:25 pm
Can he be prosecuted for dealing in inside information?
October 10th, 2010 at 12:32 pm
This is bad behavior on someone’s part, but no, it doesn’t mean Rand Paul’s conspiracy theories are correct.
October 10th, 2010 at 12:33 pm
@beltane: What conflict of interest? I thought it was common wisdom that what’s good for the master of the universe class is good for the country.
October 10th, 2010 at 12:34 pm
God bless Larry Meyer for looking after Jesusland.
October 10th, 2010 at 12:37 pm
@jwb: Yes, yes, I forgot about the altruism that is required of the peasant class. We should celebrate the productivity and well-earned success of the nobility. I would appreciate it though, if they rode around on horseback and dressed a little more elegantly. Today’s elite are a bunch of slobs with no equestrian skills.
October 10th, 2010 at 12:38 pm
@jinxtigr:
I beg to differ. We are indeed number two to the upper crust.
October 10th, 2010 at 12:40 pm
@beltane:
LOL! Love it!
October 10th, 2010 at 12:41 pm
@beltane:
No. He’s a former Fed governor, but not currently a Fed employee of any sort.
This isn’t a conflict of interest. No current employee of the Fed stands to gain from these leaks. It’s more a matter that current Fed employees don’t know how to keep their mouths shut, combined with the fact that the Fed gathers a lot of its information by asking people in private banking for information about what they see in the markets, including proprietary data. In exchange, they talk about the Fed.
I don’t think that there’s any way to avoid this. Instead, I’m in favor of a lot more transparency on the part of the Fed.
October 10th, 2010 at 12:45 pm
@beltane:
They could also revive dueling, and invent world mass dueling for the rich.
October 10th, 2010 at 1:00 pm
@That’s Master of Accountancy to You, Pal: Thanks. The excerpt didn’t make clear what Meyer’s status was.
October 10th, 2010 at 1:06 pm
@Janus Daniels:
The new team sport mistermix was looking for!
October 10th, 2010 at 2:32 pm
They already have mass dueling for the rich—by proxy. It’s called “war.”
October 11th, 2010 at 2:49 am