So one wonders how many contributions flowed into the Obama coffers from this little gem?
It still isn’t clear how the minutes of the Federal Reserve’s March meeting leaked out early.
And why does it matter? Gee, wouldn’t you like to trade on insider information?
Because the minutes were released while the market was open, it’s possible that someone might have attempted to trade on those minutes. Such trading might not even violate securities laws, which generally allow outsiders to trade on inadvertently leaked non-public information.
And later they spilled who got the leaked insider information,
A list of recipients obtained by CNBC reveals that at least 12 banks, a Wall Street law firm, a hedge fund and a private equity fund were on the distribution list that got the minutes early.
And just who were these privileged few?
The banks included Fifth Third, Citigroup, UBS, Barclays, U.S. Bancorp,Goldman Sachs, Wells Fargo, HSBC, BNP Paribas, BB&T, JPMorgan Chaseand PNC.
Sullivan & Cromwell, one of the most powerful Wall Street law firms, also got the email.
The email was also sent to King Street Capital Management, a hedge fund with $20 billion under management, and private equity firms The Carlyle Group and The Cypress Group.
Trade groups on the list included The American Bankers Association, the Independent Community Bankers of America and the National Association of Realtors.
The lobbying firms Rich Feuer Anderson and Roberts Raheb Gradler also received the email, as did The Inter Continental Exchange and the European Central Bank.
Don’t hold me to this, but I suspect this is a violation of Federal securities law, violating the insider trading covenants.
