News that doesn't receive the necessary attention.

Tuesday, April 4, 2017

Deep State skates: No charges will be filed against Richmond Federal Reserve Pres. Jeffrey Lacker who leaked private information to financial publisher in 2012 then lied by not disclosing his actions during an internal review. Now says he's resigning-CNBC

4/4/17, "Richmond Fed President Lacker says he was involved with Medley leak, announces immediate resignation," CNBC, Jeff Cox

"Richmond Federal Reserve President Jeffrey Lacker announced his immediate resignation Tuesday, admitting that he discussed sensitive information with an analyst regarding the Fed's plans for economic stimulus

Lacker, 61, became president and CEO of the Federal Reserve Bank of Richmond on Aug. 1, 2004. He is a member of the policy-setting Federal Open Market Committee. CNBC has learned that the resignation was negotiated with law enforcement officials. Lacker's attorney told CNBC no charges will be filed.... 

In his letter of resignation, Lacker admitted to speaking to an analyst at Medley Global Advisors regarding the September 2012 Fed meeting. Medley publishes analysis for hedge funds and asset managers and is owned by the Financial Times. Lacker said his actions violated Fed communications policies that prohibit "providing any profit-making person or organization with a prestige advantage over its competitors."

Lacker said he was asked by an analyst about an "important nonpublic detail" regarding the Federal Open Market Committee's policy options. 

"Due to the highly confidential and sensitive nature of this information, I should have declined to comment and perhaps have ended the phone call," Lacker said....

In addition, Lacker said he was obligated to disclose that the analyst had confidential information, which he did not do.

Medley ultimately told clients in October 2012 that the Fed would initiate another leg of its monthly bond-buying program in December. The author of the note was Regina Schleiger, who added in the note that Fed members had been up after midnight preparing for the meeting, according to the New York Times....

The Fed was criticized for not referring the leak to the Securities and Exchange Commission or the FBI. Instead, Fed General Counsel Scott Alvarez lead a Fed probe into the matter from October 2012 until March of 2013.

Lacker said he further did not disclose during an internal review into the matter that the analyst had confidential information. He never revealed the information until an April 15 [2012?] interview with multiple federal authorities including the FBI....

The Fed also released a statement saying, it "is committed to maintaining the security of confidential FOMC information. We cooperated fully with the independent law enforcement investigation into an unauthorized disclosure in 2012. We appreciate the diligent efforts made to bring this matter to its conclusion.""


Comment: "The Fed was criticized for not referring the leak to the Securities and Exchange Commission or the FBI." The Fed "was criticized" by whom? Why is this sentence written passively? We all know laws don't effect the Deep State, so criticism certainly doesn't. Nevertheless, if the CNBC reporter knows "the Fed was criticized," why didn't he allow the peasants to know who did the criticizing? 


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