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In The Media

Weekend Reading, “An Open Letter To The Fed” Robert Kaplan and Rosengren

by Larry Chiang on September 11, 2021

Unedited by Larry Chiang

Actually, “day trading” doesn’t effectively convey the magnitude of their financial avarice: Dallas Fed President Robert Kaplan bought and sold S&P futures valued in excess of $1 million. He has 27 holdings exceeding $1 million eachKaplan was previously Vice Chairman of Goldman Sachs; now he can turn a profit off his own policymaking.

Though Nancy Pelosi might beg to differ, the material and non-public nature of the market-moving information (and decision-making power) a Fed Head is privy to is unrivaled. A Fed President betting on S&P futures is akin to putting it all on black after rigging the roulette table. You’d be barred from Vegas for such behavior. Meanwhile, when Kaplan’s Fed tenure is done the “poor guy” will likely have to settle for collecting millions of dollars in speaking fees and a cushy advisory role for private equity.  

Following (strong) backlash – both Kaplan and Rosengren will sell all their active holdings by the end of September. Conveniently, this comes just as the S&P is making all-time highs and the Fed is about to taper back the juice 

WordPress’d from my personal iPhone, 650-283-8008, that Steve Jobs texted me on

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