April 10, 2013, 9:33 a.m. EDT Fed sent minutes early to staffers, trade groups By Steve Goldstein, MarketWatch WASHINGTON (MarketWatch) â The Federal Reserve on Wednesday confessed to sending out market-moving minutes from the last interest-rate-setting meeting to Hill staffers and trade groups a day early. The Fed moved up the release of the minutes by five hours, to 9 a.m. Eastern.Read more on the Fed minutes âThe reason is they were inadvertently sent early to a list of individuals who normally receive the minutes by email shortly after their usual release time,â a Fed spokesman said in a statement. âThe individuals on the distribution list -- primarily congressional employees and employees of trade organizations -- received the minutes shortly after 2 p.m. Tuesday.â The release raises the specter of insider trading, though there is no obvious evidence of it. The minutes did signal a central bank that is waiting for better labor-market data before reducing the rate of bond purchases, with no clear indication of how much the current $85 billion per month of Treasury- and mortgage-backed securities would be reduced if jobs data were to improve. http://www.marketwatch.com/story/fed-sent-minutes-early-to-staffers-trade-groups-2013-04-10-9103209 What a bunch of bozos.
Ummmm they just sent out an important economic release to selected individuals hours before the public gets it... and there is no obvious evidence of it... the joke that is Wall Street!
Someone should lose their job, but at least they released it at a time which limited their ability to trade on the info.
wtf what tiMe did they release ? 9:30 am ET ? Funny I was looking at the market surge and looking for an explanation other than technical, since such a breakout ahead of the minutes seemed odd, and I thought to myself , the minutes must have been leaked out , then no , you are being paranoid man, it's just the market . I now think what happened is that by releasing early they are trying to cover up some major improprieties. Just another outrage to add to the Fed's record.
It wasn't just Capitol Hill staffers and trade groups that received the Federal Reserve minutes a day early. Many banks and other financial institutions also got an early look at the minutes. The U.S. Federal Reserve building is seen in Washington. REUTERS/Jim BourgA list of recipients obtained by CNBC reveals that at least 12 banks, a Wall Street law firm, a hedge fund, and a private equity fund were on the distribution list that got the minutes early. The banks included Fifth Third, Citigroup (NYSE:C), UBS, Barclays, U.S.Bank, Goldman Sachs (GS), Wells Fargo (WFC), HSBC, BNP Paribas, BB&T, JPMorgan Chase (JPM) and PNC. Sullivan & Cromwell, one of the most powerful Wall Street law firms, also got the email. The email was also sent to King Street Capital Management, a hedge fund with $20 billion under management, and the Cypress Group, a private equity firm. Trade groups on the list included The American Bankers Association, the Independent Community Bankers of America and the National Association of Realtors. The lobbying firms Rich Feuer Anderson and Roberts Raheb Gradler LLC also received the email. TheInter Continental Exchange and the European Central Bank as well.
AFAIK, the unemployement numbers were released early also. I think the numbers were released to the WH for an Obama campaign speech.
Good to know that an institution that is sending info to select groups and doesn't know how to use e-mail also controls the economy.
My 93 year old father called me in a panic. He just got a letter from the IRS stating he owed $27,000 in taxes. I just did his 2012 taxes on turbo tax and his adjusted gross income is only $31,000. I told him I would be up Monday morning to sort it all out for him. But I thought, if I had the skills, it would be hilarious to take a senile man to the the local out of their mind IRS office and film the whole interaction. I'm pretty sure somebody could come up with a hit show called "Dealing With the Government" It would just be filmed interviews, taped phone converstaions, e mails and snail mails. I work hard to get incompetent, especially on the weekends when the market is closed, but these guys are that way 24/7, 365 a year, no problem.