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    Stocks Drop in an Ugly Day as Allure Grows to Buy a Treasury Bill and Chill

    Stocks Drop in an Ugly Day as Allure Grows to Buy a Treasury Bill and Chill

    15,000 Pounds Of Smoked Sausage Recalled For ‘Bone Fragments’ After Being Shipped To Seven States

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    Salesforce Inc. stock falls Thursday, underperforms market

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    Oracle (NYSE:ORCL) Takes On Some Risk With Its Use Of Debt

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    Brighthouse Financial Shares Fall 6.7% on Goldman Sachs Rating Cut

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    Real Good Food Revenue Falls on Tough Market Conditions in US, Europe

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    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

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    Corus Entertainment 4Q Profit Falls

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

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    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

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    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?

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  • News
    Stocks Drop in an Ugly Day as Allure Grows to Buy a Treasury Bill and Chill

    Stocks Drop in an Ugly Day as Allure Grows to Buy a Treasury Bill and Chill

    15,000 Pounds Of Smoked Sausage Recalled For ‘Bone Fragments’ After Being Shipped To Seven States

    15,000 Pounds Of Smoked Sausage Recalled For ‘Bone Fragments’ After Being Shipped To Seven States

    Asian Shares Decline Ahead of Fed Decision on Rates

    Asian Shares Decline Ahead of Fed Decision on Rates

    Canadian Food Inspection Agency orders mushroom recall for Listeria contamination

    Canadian Food Inspection Agency orders mushroom recall for Listeria contamination

  • NYSE
    Greenfire Resources Shares Fall on NYSE Debut

    Greenfire Resources Shares Fall on NYSE Debut

    Salesforce Inc. stock falls Thursday, underperforms market

    Salesforce Inc. stock falls Thursday, underperforms market

    These 4 Measures Indicate That Sempra (NYSE:SRE) Is Using Debt Extensively

    These 4 Measures Indicate That Sempra (NYSE:SRE) Is Using Debt Extensively

    Oracle (NYSE:ORCL) Takes On Some Risk With Its Use Of Debt

    Oracle (NYSE:ORCL) Takes On Some Risk With Its Use Of Debt

  • NASDAQ
    Aadi Bioscience, Inc. (NASDAQ:AADI) Short Interest Down 5.1% in August

    Aadi Bioscience, Inc. (NASDAQ:AADI) Short Interest Down 5.1% in August

    Beyond Meat Inc. stock falls Thursday, underperforms market

    Beyond Meat Inc. stock falls Thursday, underperforms market

    Brighthouse Financial Shares Fall 6.7% on Goldman Sachs Rating Cut

    Brighthouse Financial Shares Fall 6.7% on Goldman Sachs Rating Cut

    Real Good Food Revenue Falls on Tough Market Conditions in US, Europe

    Real Good Food Revenue Falls on Tough Market Conditions in US, Europe

  • 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%

  • TSX
    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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    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
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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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