by Pam Martens and Russ Martens, Wall Street on Parade:
Yesterday during the House Financial Services Committee hearing to take semi-annual testimony from the Fed Chair on monetary policy and the health of the U.S. economy, a tense exchange took place between Congressman Sean Duffy and Fed Chair Janet Yellen. (See video clip below.) Duffy effectively accused Yellen of defying a Congressional subpoena related to a House investigation of a Fed leak in 2012.
The House investigation centers around a quite brazen newsletter put out by a firm called Medley Global Advisors that in 2012 reported what the Fed’s FOMC minutes were going to reveal the following day. One revelation from the newsletter referred to continued large bond purchases by the Fed as follows:
“Tomorrow’s minutes will reference a staff paper that concludes the market has capacity to absorb purchases this large for a period of time.” When the Fed released its minutes the next day, there was just such a finding.
Medley Global Advisors was sold to the Financial Times newspaper in February 2010. In the press release announcing the deal, Medley Global Advisors was characterized as “a premier provider of macro policy intelligence to the world’s top investment banks, hedge funds and asset managers.”
The month after the deal was announced, Dan Bogler, a 15-year veteran at the Financial Times and former editor of the popular Lex column, became President of Medley Global Advisors.
Today, Bogler is wearing two hats. He is writing articles for the Financial Times under his byline while simultaneously running a firm that sells intelligence to hedge funds and mega global banks. Sometimes his articles at the Financial Times note that he is President of Medley Global Advisors; sometimes they do not.
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