by Pam Martens and Russ Martens
Wall Street on Parade
After watching the video below, if you have further doubts, consider this: On August 7 of last year, Wall Street On Parade reported that Fed Chairman, Jerome Powell, was having private phone calls with BlackRock CEO, Larry Fink, while BlackRock managed upwards of $25 million of Powell’s personal money and the Fed awarded three no-bid contracts to BlackRock for emergency lending facilities.
One of those no-bid contracts allowed BlackRock to use Fed money to buy up corporate bonds and Exchange Traded Funds (ETFs) in the secondary market, including BlackRock’s own ETFs. American taxpayers’ money was used to backstop losses in these bailout facilities.
And while the individual stock-trading of Kaplan and Rosengren is indeed an outrage, it pales in comparison to what the New York Fed has been doing for decades.