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.






14 replies
  1. 1
    jinxtigr says:

    You ain’t even ‘Number Two’…

  2. 2
    beltane says:

    Is Meyer a member of the FOMC? I suppose conflict-of-interest concerns don’t apply to the master of the universe class.

  3. 3
    Amir_Khalid says:

    Can he be prosecuted for dealing in inside information?

  4. 4
    saucy says:

    This is bad behavior on someone’s part, but no, it doesn’t mean Rand Paul’s conspiracy theories are correct.

  5. 5
    jwb says:

    @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.

  6. 6
    Just Some Fuckhead says:

    God bless Larry Meyer for looking after Jesusland.

  7. 7
    beltane says:

    @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.

  8. 8
    TJ says:

    @jinxtigr:

    I beg to differ. We are indeed number two to the upper crust.

  9. 9
  10. 10
    That's Master of Accountancy to You, Pal says:

    @beltane:

    Is Meyer a member of the FOMC?

    No. He’s a former Fed governor, but not currently a Fed employee of any sort.

    I suppose conflict-of-interest concerns don’t apply to the master of the universe class.

    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.

  11. 11
    Janus Daniels says:

    @beltane:
    They could also revive dueling, and invent world mass dueling for the rich.

  12. 12
    beltane says:

    @That’s Master of Accountancy to You, Pal: Thanks. The excerpt didn’t make clear what Meyer’s status was.

  13. 13
    Origuy says:

    @Janus Daniels:

    They could also revive dueling, and invent world mass dueling for the rich.

    The new team sport mistermix was looking for!

  14. 14
    bjacques says:

    They already have mass dueling for the rich–by proxy. It’s called “war.”

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