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    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

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    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

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    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

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    DaVita Inc. stock falls Monday, still outperforms market

    DaVita Inc. stock falls Monday, still outperforms market

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

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    AmEx Profits Fall 9% as Customers Fall Behind on Payments

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    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Workhorse Group Inc. stock falls Monday, underperforms market

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    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

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    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

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    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

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    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

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    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

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    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Stocks Sink as Markets Brace for Big Week With Fed, Earnings

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Low-Cost Fashion Chain H&M Reports 4th-Quarter Loss

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Dow profit and sales fall short of estimates, aims to cut $1 billion in costs in 2023

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

    Twitter Faces Lawsuits Over Unpaid Rent for US HQ, UK Office

  • NYSE
    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    Johnson & Johnson, Chevron share losses lead Dow’s 261-point drop

    DaVita Inc. stock falls Monday, still outperforms market

    DaVita Inc. stock falls Monday, still outperforms market

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    Marcus & Millichap (NYSE:MMI) Trading Down 6.3% on Analyst Downgrade

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

    AmEx Profits Fall 9% as Customers Fall Behind on Payments

  • NASDAQ
    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Orchestra BioMed Down Almost 17% on Second Day of Nasdaq Trading

    Workhorse Group Inc. stock falls Monday, underperforms market

    Workhorse Group Inc. stock falls Monday, underperforms market

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    World Acceptance (NASDAQ:WRLD) Shares Gap Down After Analyst Downgrade

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

    Here’s Why Qorvo (NASDAQ:QRVO) Can Manage Its Debt Responsibly

  • OTC
    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

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    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

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    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

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Fed Vice Chair Is Latest Official to Quit in Trading Scandal

Editorial Staff by Editorial Staff
January 11, 2022
0
Fed Vice Chair Is Latest Official to Quit in Trading Scandal

Federal Reserve Vice Chair Richard Clarida said he will step down on Friday, the third Fed official to resign in the wake of a trading scandal at the central bank.

WASHINGTON — Federal Reserve Vice Chair Richard Clarida said Monday that he will step down on Friday, the third Fed official to resign after a trading scandal at the central bank that involved potential conflicts of interest.

The announcement followed new revelations around Clarida’s trading in a stock fund in February 2020, when the coronavirus threatened to upend the global economy and the Fed was discussing extraordinary rescue measures.

The New York Times last week reported that Clarida amended his financial disclosures in late December to show that he had sold and then repurchased shares in the stock fund within a matter of days. Previously, Clarida had reported only the purchases, which came a day before Chair Jerome Powell said the Fed was prepared to support markets and the economy. The Fed had characterized the purchase as a simple portfolio rebalancing — an explanation that was undercut by the revelation of the initial sale.

Last year, the presidents of two Fed regional banks — Robert Kaplan of the Dallas Fed and Eric Rosengren of the Boston Fed — also stepped down after their questionable trading was revealed.

Although the trades complied with Fed financial ethics rules, they raised the possibility of conflicts of interest because the officials could have profited from the actions the Fed was taking at the time. Critics, notably Sen. Elizabeth Warren, a Massachusetts Democrat, sharply criticized the trades and called for a ban on stock ownership by Fed officials.

Kaplan had traded at least $1 million worth of stocks in 22 transactions in 2020. Rosengren invested in an investment fund that held mortgage-backed securities, similar to what the Fed has bought to try to hold down long-term rates.

Clarida, who has been part of an inner circle of Fed officials close to Powell and known as the “troika,” was scheduled to finish his term at the end of this month. Instead, he will instead resign about two weeks early. By doing so, he will miss what would have been his final meeting, scheduled for Jan. 25-26.

Clarida began his position in September 2018 after having taught at Columbia University and having worked for 12 years for the investment fund manager PIMCO. He received deferred bonuses and stock from his work at PIMCO. And when he joined the Fed in 2018, Clarida’s financial disclosures, which report assets in a range of values, estimated his wealth at between $9 million and $39 million.

After those resignations were announced, Powell unveiled new ethics rules around trading by Fed board members and other top officials. The rules bar Fed officials from owning individual stocks or bonds and require 45 days’ advance notice of any trade.

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CNH Industrial (NYSE:CNHI) Use Of Debt Could Be Considered Risky

April 14, 2021
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