Fed Releasing Minutes Early Due To Early Release To Congressional Staffers And Lobbyists

Tyler Durden's picture


This shocker just hit the tape:


So the Fed now pre-releases data to US politicians ahead of everyone else. What else does the Fed leak to those for whom frontrunning is still legal? And as if we needed more confirmation, the market is now officially a complete circus.

More from CNN:

Oops. The Federal Reserve accidentally emailed the minutes from its March meeting to about 100 people a day early.


While no major news was expected to come from the minutes, they are nevertheless a key document that can move markets from time to time. Wall Street players often dig deep into the minutes for hints about when the central bank may pull back on its bond-buying policy or raise interest rates.


For that reason, the minutes are usually highly protected by the central bank and their release is supposed to be executed carefully.


A Fed spokesman told CNNMoney the mistake was "entirely accidental," and it was a "human error," not a technological one. The roughly 100 individuals on the list mostly included Congressional employees and employees of trade organizations. They received the minutes shortly after 2 p.m. on Tuesday.


After discovering the error this morning, the Federal Reserve decided to release the minutes to the broader public at 9 a.m. Wednesday.


At this point, it's not clear whether any trading took placed based on the early release, but the Federal Reserve Board's Inspector General will conduct an initial investigation of the error.


"We will be working with market regulators, the SEC and CFTC to insure they have the information they need to evaluate the incident," a Fed spokesman said.

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Wed, 04/10/2013 - 09:02 | 3430486 ghengis86
ghengis86's picture

Fuck u Ben!

Wed, 04/10/2013 - 09:04 | 3430500 Say What Again
Say What Again's picture

Arrest these bastards!

and change the laws regarding congress and insider trading!!!!!!!!

Wed, 04/10/2013 - 09:04 | 3430516 NotApplicable
NotApplicable's picture

Premature extrapolation?

Wed, 04/10/2013 - 09:05 | 3430521 The Juggernaut
The Juggernaut's picture

hahah change the laws that the law makers make.  Thats a funny one.  Revolt is what you mean?

Wed, 04/10/2013 - 09:06 | 3430531 bania
bania's picture

I got my minutes last night, what's the big deal?

Wed, 04/10/2013 - 09:05 | 3430519 ghengis86
ghengis86's picture

Uh, who would have to pass that law making congressman subject to insider trading?

Wed, 04/10/2013 - 09:08 | 3430544 Say What Again
Say What Again's picture

Listen Mo-Fo,

Let me tell you how we "make law" down in the hood

Wed, 04/10/2013 - 09:14 | 3430580 ghengis86
ghengis86's picture

Oh, I hear ya (and +1 too). Just let me know when the bankers and congress fucks arrive in the hood. 'Cause the way I see it, we're just on one giant plantation, harvesting debt for these fuckers.

Wed, 04/10/2013 - 09:20 | 3430646 aint no fortuna...
aint no fortunate son's picture

"What else does the Fed leak to those for whom frontrunning is still legal?"

Better question is what else does the Fed leak to those for whom frontrunning is ILLEGAL.

Wed, 04/10/2013 - 09:01 | 3430489 HD
HD's picture

I can't wait to get trading alerts from Ben in my morning email.

Wed, 04/10/2013 - 09:04 | 3430490 Anasteus
Anasteus's picture

Sounds like they are getting more and more confused. Losing control?

Wed, 04/10/2013 - 09:08 | 3430541 Rainman
Rainman's picture

Confusion is often corruption dressed in camouflage.

Wed, 04/10/2013 - 09:07 | 3430543 Chupacabra-322
Chupacabra-322's picture


The Global Criminal Cabal (Bankster/Intelligence) Crime Syndicate is all about PsyOPs and Political Therater now.

Wed, 04/10/2013 - 09:01 | 3430496 Cdad
Cdad's picture

"Economic data better than expected."  The Fed


Wed, 04/10/2013 - 09:04 | 3430507 SheepDog-One
SheepDog-One's picture

The important thing is, clowngressional lobbyists and other cretins got their front-running info.

Wed, 04/10/2013 - 09:23 | 3430656 Cdad
Cdad's picture

The really important thing is...the crime spree flowing from The Fed to Congress and other privileged folk is now quite obviously clear [for those who have been on the fence about whether or not this whole Federal Reserve thing was really a good idea]. 

Wed, 04/10/2013 - 09:03 | 3430498 EvlTheCat
EvlTheCat's picture

wow... big fucking suprise...

Wed, 04/10/2013 - 09:03 | 3430501 ZippyBananaPants
ZippyBananaPants's picture

I have also suffered from early release!

Wed, 04/10/2013 - 09:02 | 3430502 betterlockaway
betterlockaway's picture

Frikkin' clown show. WTF!!!!

Wed, 04/10/2013 - 09:02 | 3430503 youngman
youngman's picture

It all to help the economy...at least the economies of the congressional staffers..I am sure they ran to their TDAmeritrade accounts and traded

Wed, 04/10/2013 - 09:04 | 3430505 B2u
B2u's picture

Gonna be unexpected news.  Chaos in the market ahead....

Wed, 04/10/2013 - 09:04 | 3430506 LawsofPhysics
LawsofPhysics's picture

So congress has already front-run the minutes, bastards.  Same as it ever was.

Wed, 04/10/2013 - 09:08 | 3430537 disabledvet
disabledvet's picture

"leading to a sell off and a sudden drop in IPO activity as well."

Wed, 04/10/2013 - 09:03 | 3430513 SheepDog-One
SheepDog-One's picture


Wed, 04/10/2013 - 09:05 | 3430514 bskiles
bskiles's picture

I remember when they used to try to hide the fact that they're fuc#ing the rest of us. 

Wed, 04/10/2013 - 09:07 | 3430525 SheepDog-One
SheepDog-One's picture

Yea they don't even care anymore, they're so full of hubris they now just say 'What are you dirt peasants going to do about it? Go fuck yourselves'

Wed, 04/10/2013 - 09:33 | 3430729 Groundhog Day
Groundhog Day's picture

"We the people" are so beaten down over the past 70 years that they could come into your house take your food, cloths and money....beat the shit out of your wife and kids and the response would merely be

"well it's the goverment, what can i do...i am merely one and they are all powerful"

I keep saying this but no one listens:

The real power "we the people" have is our spending power.  If "we the people" collectively decided to not spend money for only 9 months (the time it takes to have a new child - 3 quarters) on anything but the bare bare essentials like food and water and only commuting to work gas (no clothes, no toys, no new gadgets, no new cars, no new houses,  no accessories...etc) the system is crippled and "we the people" can send a message to poilticians, lobbyists, corporate executives who get paid 10's of millions to bankrupt companies and walk away with golden parachutes that it's time for "real change" and the status quo will just not do.

Who the fuck am i kidding.....go max out your credit cards you sheep

Wed, 04/10/2013 - 09:18 | 3430638 Anonymous peon
Anonymous peon's picture

You can tell how confident a government is in its control of its people by how hard they try to hide their coruption.


Weapons and information, control those and the game is over. Gun control and cybersecurity, front burner issues of a bankrupt government.

Wed, 04/10/2013 - 09:08 | 3430520 firstdivision
firstdivision's picture

They seem to have left off the word Banks on the list of who received the early release. This explains that massive upward push that happened at 8:30 in index futures

Wed, 04/10/2013 - 09:06 | 3430522 fonzannoon
fonzannoon's picture

As if goldman, who just said to short gold, and sell treasuries, did not have this release early.

I'm starting to lose faith in the markets.

Wed, 04/10/2013 - 09:12 | 3430570 ITrustMyGut
ITrustMyGut's picture


Wed, 04/10/2013 - 09:06 | 3430523 Global Hunter
Global Hunter's picture

They mistakenly sent material market moving data to politicians early OR they were caught this time?

I assume the latter.

Wed, 04/10/2013 - 09:50 | 3430833 topshelfstuff
topshelfstuff's picture

Yes its the latter, "They were caught this time", and this isn't the first time

every so often this happens and the usual excuse comes in

Wed, 04/10/2013 - 09:05 | 3430526 Headbanger
Headbanger's picture



Wed, 04/10/2013 - 09:21 | 3430651 Sudden Debt
Sudden Debt's picture

Thanks to Obama... whatever transparency was left... TURNED CHARCOAL BLACK!!

Wed, 04/10/2013 - 09:15 | 3430527 Paper CRUSHer
Paper CRUSHer's picture


Wed, 04/10/2013 - 09:05 | 3430528 Seasmoke
Seasmoke's picture

A 5 hour window. Even a fucking Congressman should not be able to fuck that up. Guess that's why they all leave as millionaires.

Wed, 04/10/2013 - 09:06 | 3430529 augustusgloop
augustusgloop's picture

that explains the 9 am gold takedown.

Wed, 04/10/2013 - 09:06 | 3430530 B2u
B2u's picture

Rumor is that GS and JPM already have the release.

Wed, 04/10/2013 - 09:10 | 3430548 chunga
chunga's picture

GS and JPM probably wrote the damn thing.

Wed, 04/10/2013 - 09:24 | 3430672 Sudden Debt
Sudden Debt's picture

last year...

Wed, 04/10/2013 - 09:06 | 3430532 The Fonz...befo...
The Fonz...before shark jump's picture

They had two hours before the close yesterday to make their front running moves....what a fuckin scam

Wed, 04/10/2013 - 09:08 | 3430535 The Abstraction...
The Abstraction of Justice's picture

Does anything else matter, when bitcoin value is increasing at 10% per hour?

Wed, 04/10/2013 - 09:09 | 3430533 Downtoolong
Downtoolong's picture

Stick save idea:

Change the report for 2:00 pm and claim the first one was part of a sting operation. Yea, that'll work.

So long Clarence Beeks.


Wed, 04/10/2013 - 09:07 | 3430542 paint it red ca...
paint it red call it hell's picture

"the market is now officially a complete circus."

HEY!!! NO Shit??????

Wed, 04/10/2013 - 09:10 | 3430545 SheepDog-One
SheepDog-One's picture

The Delusion in Thief wants a mere $3.77 TRILLION budget....so at least we got that goin for us....it's 'for the children' you know...

Wed, 04/10/2013 - 09:20 | 3430641 booboo
booboo's picture

Don't worry, the Republicans will fight like a mad pack of wild dogs to subdue Obongo's budget, wrestle it down to the ground and in the end will counter with a 3.87 TRILLION dollar budget that will be called DRACONIAN CUTS by the MSM and the party bus will continue screaming across the desert floor towards the Rio Grand Canyon.

Wed, 04/10/2013 - 09:10 | 3430553 ekm
ekm's picture

The economy is experiencing an OIL SHOCK, a slow one.

I was strongly thinking that they would stop QE during the last meeting and it's clear that it could have happened.


Two options left:

Either let the real economy die

or let two or more primary dealers die by defaulting on derivatives due to stoppage of QE money.

Wed, 04/10/2013 - 09:16 | 3430615 Bearwagon
Bearwagon's picture

I suspect you know in fact very well, that the only option "they" would ever consider is to let the real economy kick the bucket.

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