Atlanta Fed President Reveals Five Years Of Trading Violations; Claims He “Didn’t Understand” Disclosure Obligations

****SHOCKER****

“moments ago Atlanta Fed president Raphael Bostic joined the club of inglorious Fed traders when he revealed he had improperly disclosed financial transactions for the past five years because he incorrectly interpreted policies governing personal investments“

But don’t worry

“Bostic said the lapses were due to his flawed interpretation of central bank policies…..He added, “At no time did I knowingly authorize or complete a financial transaction based on nonpublic information or with any intent to conceal or sidestep my obligations of transparent and accountable reporting.”’

“The chairwoman of the Atlanta Fed’s board, Elizabeth Smith, said the board had accepted Bostic’s explanation and that the directors were confident Mr. Bostic hadn’t sought to profit from any private policy-setting deliberations.”

So don’t worry, it was just an honest 5yr mistake by the president of what is supposed to be one of the highest positions in banking in the country….

 

“Powell unveiled sweeping personal-investing restrictions on senior officials a year ago to address the stock-trading controversy. Those restrictions took effect earlier this year, and Bostic’s violations were uncovered by Fed ethics officials in Washington as part of a review of officials’ disclosures this year. In other words, contrary to his excuse, it wasn’t a voluntary disclosure but instead Bostic merely got caught.”

Oh so it wasn’t that he found his mistakes, he was caught hiding financial disclosures. But as of now there will be no disciplinary action.  I’m sure none of it has to do with the fact that Mr. Bostic is the first black and openly gay President of the Federal Reserve Bank of Atlanta.

Read more here

https://www.zerohedge.com/markets/atlanta-fed-president-reveals-five-years-trading-violations-claims-he-didnt-understand