Ed’s Daily Notes for May 14th   2 comments

Zero Hedge: “Robust Evidence” Confirms Fed Leaks Data Ahead Of Rate Announcements

It seems the Federal Reserve is a sieve:

Fed_Study

What is even scarier is that the Fed has admitted giving info to the TBTF banks. From the FOMC’s own meeting transcript from August 2007 (at the time, Tim Geithner was President of the New York Federal Reserve):

MR. LACKER. If I could just follow up on that, Mr. Chairman.
CHAIRMAN BERNANKE. Yes, go ahead.
MR. LACKER. Vice Chairman Geithner, did you say that they are unaware of what we’re
considering or what we might be doing with the discount rate?
VICE CHAIRMAN GEITHNER. Yes.
MR. LACKER. Vice Chairman Geithner, I spoke with Ken Lewis, President and CEO of
Bank of America, this afternoon, and he said that he appreciated what Tim Geithner was arranging
by way of changes in the discount facility. So my information is different from that.
CHAIRMAN BERNANKE. Okay. Thank you. Go ahead, Vice Chairman Geithner.
VICE CHAIRMAN GEITHNER. Well, I cannot speak for Ken Lewis, but I think they
have sought to see whether they could understand a little more clearly the scope of their rights and
our current policy with respect to the window. The only thing I’ve done is to try to help them
understand—and I’m sure that’s been true across the System—what the scope of that is because
these people generally don’t use the window and they don’t really understand in some sense what
it’s about.

Of course, Geithner eventually became Treasury Secretary. God only knows what kind of info he fed to the TBTF banks from that position!

The Independent: Google must delete ‘irrelevant’ links at the request of ordinary individuals, rules top EU court

The European Court of Justice struck a major blow against the right of internet companies to hold unlimited information on individuals when it ordered Google to remove links that are deemed “inadequate, irrelevant or no longer relevant”.

The court’s decision will allow individuals the right to ask internet search engines to remove links to information about them that they do not want known – which could be seen either as an assertion of the right to privacy or an attack on free speech. Google and free speech activists reacted angrily to the court’s verdict which could guarantee individuals a “right to be forgotten” on the internet which is not currently available.

…Google had argued that it was not in control of the content – it was merely linking to it – and therefore the onus for removing any out-of-date information was on the websites themselves.

I can see both sides of the argument on this case. Certainly, an individual should have the right to request data to be removed from websites due to the reasons specified by the ECJ. However,even after the data is removed, the links might still appear on the search engine (Plenty of times, I have clicked links to pages that no longer exist).

Advertisements

Posted May 14, 2014 by edmcgon in Federal Reserve, News, Stocks, Technology

2 responses to “Ed’s Daily Notes for May 14th

Subscribe to comments with RSS.

  1. That is pretty disturbing. I guess one difference is that the markets are open when fomc comes out. I believe just futures trading during the others. Greater liquidity probably makes it more lucrative for a large firm to front run.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: