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Pam and Russ Martens: Inspector general whitewashes former Fed official's trading
By Pam and Russ Martens
Wall Street on Parade
Wednesday, January 24, 2024
To read mainstream media headlines, one would think that the Federal Reserve inspector general's office has exonerated former Dallas Fed President Robert Kaplan of any legal action for trading like a hedge fund kingpin while he was privy to insider information at the Fed.
In fact, all that the inspector general's report has cleared Kaplan of is this: "We did not find that his trading activities violated laws, rules, regulations, or policies related to trading activities as investigated by our office."
... Dispatch continues below ...
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What the inspector general did not investigate is everything that a real insider trading investigation would have encompassed.
It did not investigate if Kaplan was shorting the market with his $1 million plus trades in and out of S&P futures contracts during a declared national emergency over the Covid pandemic while making market-diving predictions on TV.
It did not investigate how big-ticket trading by a Fed insider got past the compliance department of the brokerage firm Kaplan was using to transact his trades, which may have been the notorious Goldman Sachs.
It did not investigate if that brokerage firm was cloning Kaplan's trades (because he was a Fed insider) for its own profit and benefit. ...
... For the remainder of the analysis:
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