So now we find out that not only did The Fed “accidentally” leak the minutes a full day early but that the recipient list included banks and lobbying organizations.
I have two questions:
- Why are there special people who get emailed copies of these things while the rest of us look them up as PDF’s on The Fed’s web site? Regulation FD anyone? Yeah, I know, The Fed isn’t a company but the principle is the same – giving someone special access in front of everyone is wrong. Period. It’s also supposed to be illegal but it appears that some “exemptions” have shown up. Those need to go away. Now.
- Why did none of the people who received this transmission early tell anyone about it? An innocent error only remains one when the person who gets the early transmission notifies someone that it happened so the problem can be mitigated. That didn’t occur.
Do I actually expect the SEC to bring charges and the DOJ to indict for insider trading? Here’s my response to that question:
Yeah, right. That’ll happen when Hell freezes over.
But this is just one more example out of hundreds over the last few years of blatant and outrageous behavior — this may have begun as a mistake, but it didn’t stay one for more than a few minutes. Over 100 recipients and none alerted The Fed or SEC to what had happened.