Janet Yellen insider trading investigation

FED, Fed Chair Yellen, Investigation, Medley Global Advisors

06 May, AtoZ Markets  The US congressional attempts to retrieve more details upon the possible leak have taken turn into a total different direction. As now the attention has shift to Janet Yellen insider trading investigation, as the FED Chair is under investigation for her contacts with financial firms, who have disclosed internal data from the FED.

Reportedly, the FED Chairwoman met multiple times with a representative of the financial consultancy firm Medley Global Advisors, during 2011 and 2012. Coincidently, within this period of time Medley Global Advisors published several sensitive and internal data upon the deliberations of the FED policy. In a direct response by Ms. Janet Yellen, she wrote on Monday a letter to the lawmakers, addressing that these allegations are impossible. Clarifying that these sensitive information was not provided by her, claiming that she met a Medly analyst in June 2012, whilst the Medly report covers internal data from the FED meeting three months later in September 2012.

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In further explanation of the FED Chair, Yellen indicated in her letter that the visits with a Medley analysis was intented to: “to hear her perspectives on international developments…I did not convey any confidential information.” Aside being in contact with Medley Global Advisors, from her calendar it has been derived that Yellen has also met other financial firms, including a few large banks, an asses-management firm and another policy research company.

Although the Communications policy of the FED does not prohibit its officials to have contact with financial firms, but these kind of meetings can violate the intent easily. As an attorney from Wiley Rein, Mr. Rob Walker explains that such a meeting between the FED Chair and a Medley analyst can provide the Advisor firm an unfair boost over its competitors: “If we are talking about a one-on-one situation it would be fair to ask doesn’t this convey a kind of prestige advantage to the Medley participant. Now is it a per se violation? That’s going to have to do with what the facts were.”

As the FED Chair is under investigation, no comments have been publicly made yet from either the FED itself or the involved Medley Global Advisors policy research firm.

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