The Fed’s General Counsel Is Retiring

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Tweet on Twitter / by Tyler Durden / Feb 9, 2017 12:13 PM

Who can forget the infamous 2009 exchange between Alan Grayson and the Fed’s General Counsel Scott Alvarez in which the Florida Democrat unleashed on the Fed:

  • Alan Grayson: I would like to know whether it is within the Federal Reserve’s legal authority to try to manipulate the stock market or the futures market.
  • Federal Reserve GC Scott Alvarez: I don’t believe the Federal Reserve tries to manipulate the stock market.
  • Alan Grayson: Does the Federal Reserve actually possess all the gold that’s listed on their balance sheet.
  • Scott Alvarez: Yes…
  • Alan Grayson: Who actually executes the trades for the Federal Reserve in the markets?
  • Scott Alvarez: The Federal Reserve Bank of New York, which executes trades through Primary Dealers.
  • Alan Grayson: Can you name one Primary Dealer?
  • Scott Alvarez: JP Morgan Chase
  • Alan Grayson: Do you mind if we have a GAO audit to see if there has been front-running or insider trading by them? Do you mind? Is that ok with you?
  • Scott Alvarez: I am not sure if I have that authority…


Read more ... source: The Bitcoin Channel




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