Good grief, they are ALL greedy & corrupt.
Failure to disclose not just once but …
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 interview with multiple federal authorities including the FBI.
“I deeply regret the role I may have played in confirming this confidential information and in its dissemination to Medley’s subscribers,” Lacker added. “In this episode, as in all of my communications with analysts, journalists and the public, it was never my intention to reveal confidential information.”
Jeffrey M. Lacker is an American economist and was president of the Federal Reserve Bank
Federal Reserve President Lacker Resigns Immediately
Richmond Fed President Lacker says he was involved with Medley leak, announces immediate resignation
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.
Lacker, who was not a voting member of the FOMC this year, previously said he planned to retire in October.
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. “Instead, I did not refuse or express my inability to comment and the interview continued.”
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. READ MORE
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