Two Fed Presidents Resign After Embarrassing Trading Revelations

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 29 September 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on “The Breakdown,” NLW explores traditional financial system actors behaving badly, including why two Fed presidents are retiring early after revelations that they were actively trading stocks at the height of last year’s market crisis. He also covers: A new WSJ investigation that found 131 federal judges had broken the law by not recusing themselves from cases where they had a financial interest The latest macro issues around Evergrande, inflation and more More crypto companies leaving China for good This episode is sponsored by NYDIG. - NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Cooper Neill/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.3	The breakdown is sponsored by Nidig and produced and distributed by CoinDes.
0:22.7	What's going on, guys? It is Tuesday, September 28th, and we are having one of our grab bag days.
0:28.8	There's a ton of things happening, some of which are extraordinarily frustrating.
0:33.2	And so, without any further ado, let's just dive right in.
0:36.9	First of all, I'd love to start with a couple
0:38.6	stories from the hypocrisy files. Crypto and Bitcoin are industries that are constantly lambasted
0:46.0	by outsiders as being some source of corruption or criminality, something that is in many cases or in many
0:53.2	views irredeemable because of that criminality.
0:56.9	This seemed for a while to be a fud that was perhaps consigned to the past, but with the return of
1:02.9	Janet Yellen in her new role as the Treasury Secretary speaking about it constantly
1:07.2	every time she gets a chance to talk about how crypto is used for crime and blah, blah, blah,
1:11.7	blah, blah, it has made something of a resurgence. This despite the fact that every on-chain analysis
1:17.5	shows that a minuscule part of the overall market is actually used for criminal transactions.
1:23.4	An example of this narrative discussion comes from CMS holding this morning. He retweeted an Associated Press story that said,
1:30.4	A dozen far-right entities took in Bitcoin worth more than $9 million in just over four years, AP found.
1:36.1	That money is all but out of reach of banks, courts, and regulators.
1:40.0	So let me say this first and clearly, fuck Nazis.
1:42.7	I don't think anyone has any problem with that.
1:45.3	The issue is the relative size of this $9 million compared to the overall volume of Bitcoin
1:50.6	and the crypto industry as a whole. As CMS put it, when he retweeted, it's a $2 trillion
	...

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