Matt Taibbi - Taibblog – Congressman who went werewolf on me now spooks Fed officials - True/Slant
Oh, man. This is so great. This guy Grayson is a lawyer's lawyer. He makes the other guy - the General Counsel of the Fed no less - squirm and wish he were somewhere else. Anywhere else.
I think the accusation he is making - "front running" - is that somewhere down the line the Fed executes trades through retail brokers. And these retail brokers, just before they push the Fed's order through, execute an order of their own so they benefit from the Fed's trade. They trade "in front" of the Fed order. This is insider trading of the highest order - and Grayson wants the right to audit these transactions.
Fascinating. And read Taibb's complete post for an entertaining story about his own encounter with Grayson.
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