Was Boston Fed President Rosengren Trading with Citigroup’s Money?

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uncledad
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Was Boston Fed President Rosengren Trading with Citigroup’s Money?

Unread post by uncledad »

Now it turns out that Boston Fed President Eric Rosengren’s wife had a $150,000 to $500,000 “Secured Loan for Investment” with Citigroup’s federally-insured bank, Citibank. Rosengren’s financial disclosure form shows that all 68 of his purchases and sells in individual stocks and REITs in 2020 occurred in his joint account with his spouse.

It had been more than 72 hours since we asked the Boston Fed to clarify for us if this was a margin loan used by the Rosengrens to trade stocks. This morning we received a response from the Boston Fed saying we should receive an answer by midday today. We will update this article when we receive that promised response.

Rosengren has sat in on all of the Fed’s FOMC meetings (as do all Fed Bank Presidents) since he became Boston Fed President in July 2007. He has rotated with other Fed Bank Presidents as a voting member of the FOMC every three years. He first became a voting member of the FOMC in August 2007.

Citigroup is a supervised entity of the Federal Reserve and owns the primary dealer, Citigroup Global Markets. Citigroup was the largest recipient of the Fed’s bailout facilities during and after the 2008 financial crash, receiving over $2.5 trillion in cumulative loans according to the Government Accountability Office’s (GAO) audit of the bailout facilities.

The Federal Reserve is not allowed to make loans to insolvent institutions, which Citigroup was for much of that time, but the Fed thumbed its nose at the law and made the loans to Citigroup anyway. (On Wall Street, it’s legal if you can get away with it.) The man who oversaw much of that loan activity to Citigroup, Tim Geithner, who was then President of the New York Fed, was rewarded with the plum job of U.S. Treasury Secretary.

Despite all of this, based on the testimony by Fed Chair Jerome Powell at yesterday’s Senate Banking Committee hearing, the Fed has decided to dispense with the pesky detail of using federal law enforcement to investigate the trading activities of the Dallas Fed and Boston Fed Presidents.

Instead of allowing the Department of Justice and the Securities and Exchange Commission to determine if federal laws have been broken, Powell told Senator Raphael Warnock (D-GA) yesterday that the Fed is, effectively, investigating itself.

https://wallstreetonparade.com/2021/09/ ... ups-money/

+++ Is it still capitalism? In my view, no. It's an oligarchy and criminal enterprise. It's been that way for a long time.
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Re: Was Boston Fed President Rosengren Trading with Citigroup’s Money?

Unread post by Vercingetorix »

uncledad wrote: September 30th, 2021, 11:55 am Now it turns out that Boston Fed President Eric Rosengren’s wife had a $150,000 to $500,000 “Secured Loan for Investment” with Citigroup’s federally-insured bank, Citibank. Rosengren’s financial disclosure form shows that all 68 of his purchases and sells in individual stocks and REITs in 2020 occurred in his joint account with his spouse.

It had been more than 72 hours since we asked the Boston Fed to clarify for us if this was a margin loan used by the Rosengrens to trade stocks. This morning we received a response from the Boston Fed saying we should receive an answer by midday today. We will update this article when we receive that promised response.

Rosengren has sat in on all of the Fed’s FOMC meetings (as do all Fed Bank Presidents) since he became Boston Fed President in July 2007. He has rotated with other Fed Bank Presidents as a voting member of the FOMC every three years. He first became a voting member of the FOMC in August 2007.

Citigroup is a supervised entity of the Federal Reserve and owns the primary dealer, Citigroup Global Markets. Citigroup was the largest recipient of the Fed’s bailout facilities during and after the 2008 financial crash, receiving over $2.5 trillion in cumulative loans according to the Government Accountability Office’s (GAO) audit of the bailout facilities.

The Federal Reserve is not allowed to make loans to insolvent institutions, which Citigroup was for much of that time, but the Fed thumbed its nose at the law and made the loans to Citigroup anyway. (On Wall Street, it’s legal if you can get away with it.) The man who oversaw much of that loan activity to Citigroup, Tim Geithner, who was then President of the New York Fed, was rewarded with the plum job of U.S. Treasury Secretary.

Despite all of this, based on the testimony by Fed Chair Jerome Powell at yesterday’s Senate Banking Committee hearing, the Fed has decided to dispense with the pesky detail of using federal law enforcement to investigate the trading activities of the Dallas Fed and Boston Fed Presidents.

Instead of allowing the Department of Justice and the Securities and Exchange Commission to determine if federal laws have been broken, Powell told Senator Raphael Warnock (D-GA) yesterday that the Fed is, effectively, investigating itself.

https://wallstreetonparade.com/2021/09/ ... ups-money/

+++ Is it still capitalism? In my view, no. It's an oligarchy and criminal enterprise. It's been that way for a long time.
What has the Fed ever been? Libertarians have always hated the Fed. Progressives REALLY hate it. Libertarians hate it because it restricts the markets. Progressives hate it because they don't restrict the markets enough and allow people to gain wealth. Which way do YOU lean??
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