(Submitted by Quoth the Raven at QTR’s Fringe Finance)
Fed Chair Eric Rosengren announced this morning that he would be taking an early retirement from his post as Boston Federal Reserve Chair, just days after major conflict of interest questions were raised about Rosengren’s trading record during the pandemic.
Rosengren is stepping down 9 months sooner than he planned, telling Fed Chair Jerome Powell in a letter of resignation that the decision was due to health issues. Rosengren revealed he had been on a kidney transplant list since June 2020.
Rosengren wrote: “It has been an honor to serve at the Federal Reserve System, in a job where one can be constantly engaged in pursuing the economic and financial well-being of the country and New England. I know that my colleagues will build on our progress, and continue making a difference for the public we serve.”
Just days ago I wrote a piece talking about how undeniable it was that the game was rigged, based on recent reports of Fed insiders actively trading securities.
In that article I noted that, so far in 2021, we have learned:
- The Dallas Fed’s Robert Kaplan was an “active buyer and seller of stocks” in 2020, per the Wall Street Journal. He is also to reported to have purchased and sold lots worth more than millions of dollars in S&P futures.
- Jerome Powell owned millions of dollars in securities like municipal bonds that the Fed bought during 2020, per CNBC. “Fed Chair Powell owned the municipal bonds in question in a joint account over which he had control,” CNBC reported.
- Boston Fed President Eric Rosengren “made frequent or substantial trades in 2020,” according to Reuters. Bloomberg expounded on Rosengren’s trading, noting that he dealt in REITs, not trading in a blind trust, that hold mortgage backed securities. CNBC also noted of Rosengren that he “held between $151,000 and $800,000 worth of real estate investment trusts that owned mortgage-backed securities. He made as many as 37 separate trades in the four REITS while the Fed purchased almost $700 billion in MBS.”
- Nancy Pelosi…(READ THIS FULL ARTICLE HERE)
