Further to my post last week, Who Gives a Damn?, the horrendous optics of Fed heads enriching themselves through their public policy decisions are finally attracting some outrage. Apparently, finance scorpions can’t help themselves.
While we are at it, best to acknowledge similar nepotism in the accounting sector, see How Accounting Giants Craft Favourable Tax Rules from Inside the Government.
The revolving door between governance and finance is a debacle of poor ethics and public trust abuse, the very definition of unworthy leadership. Here is a direct video link.
Also, see Powell’s Carlyle Past Meets the Fed’s Ethics Scandal Present:
“It really shouldn’t surprise anyone that a former Carlyle Group executive — a firm whose whole profit strategy is based on exploiting insider connections in the federal government — hasn’t prioritized ethics and oversight in running the nation’s largest stockpile of potentially market-moving information. The Fed’s outdated ethics policy of course precedes Powell, but failing to monitor for unethical activity during its massive COVID-19 response must fall on his shoulders.”
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