Surprise… a government official is wrapped in a trading scandal.
Richard Clarida, the vice chair of the Federal Reserve, has been under fire for some suspect stock trades made during the pandemic.
He has now decided to resign.
Clarida appears to have cashed in on his insider knowledge in a big way.
Just as the Fed was about to make some significant moves to help rescue the economy, Clarida made some major stock purchases.
The trades were made in February 2020.
He is now the third Fed official to step down amid allegations of insider trading violations.
Chair Jerome Powell, Dallas Fed President Robert Kaplan, and Boston Fed President Eric Rosengren are among other Fed officials accused of stock wrongdoing.
After the initial Wall Street Journal report hit documenting their trades, Kaplan and Rosengren resigned.
Powell, who sold roughly $5 million in options just prior to the market tanking is still in office.
In fact, his buddy Joe Biden has nominated him for a second term because we all know Joe Biden loves corruption.
Biden did this even though there was opposition to Powell within his own party.
Most notably, Senator Warren (D-MA) has voiced concerns.
If Warren holds firm, the nomination will fail.
This form of insider trading has been going on for decades with government officials, and it needs to be stopped.
Not only stopped, but those that have violated these rules, and I am thinking Pelosi here, need to have legal recourse pursued against them.
Let’s get it going… #DrainTheSwamp
Do you think top government officials with access to key information should be able to trade individual stocks?
Tell us what you think in the comments section below.
Source: New York Post