BondTrader_IHB
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Rep. 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 General Counsel 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, doing a classic poker body language tell, and taking his time: 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...
......
Grayson: I said manipulate the stock market, or the futures market; wouldn't we want to know?
Alvarez: (silence)
Grayson: Yes or No?
Alvarez: Could you define what you mean by ...
Garyson: I think you know what I mean Mr. Alvarez. Now wouldn't it be very helpful to have a GAO audit on that subject? Wouldn't it?
Alvarez: I don't know what it is you're seeking to audit.
Make sure you watch the video
http://www.zerohedge.com/article/ha...nipulate-stock-market-how-about-prime-brokers
Federal Reserve General Counsel 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, doing a classic poker body language tell, and taking his time: 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...
......
Grayson: I said manipulate the stock market, or the futures market; wouldn't we want to know?
Alvarez: (silence)
Grayson: Yes or No?
Alvarez: Could you define what you mean by ...
Garyson: I think you know what I mean Mr. Alvarez. Now wouldn't it be very helpful to have a GAO audit on that subject? Wouldn't it?
Alvarez: I don't know what it is you're seeking to audit.
Make sure you watch the video
http://www.zerohedge.com/article/ha...nipulate-stock-market-how-about-prime-brokers
