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"I'd Suggest Not" - On The Editorial "Back-And-Forth" Between Jon Hilsenrath And The New York Fed

Tyler Durden's picture




 

Three years ago we wrote "On The New York Fed's Editorial Influence Over The WSJ" in which we observed, courtesy of declassified documents by the Sigtarp exposing the involvement of then-Goldman and New York Fed director Stephen Friedman in relation to his infamous purchase of Goldman Stock so well memorialized by none other than Jon Hilsenrath (a story which made him a Loeb award finalist when he actually did investigative work instead of merely convey messages from the Fed), just how extensive the relationship between Jon Hilsenrath, the WSJ and the New York Fed was. But instead of regurgitating all the minutae covered in the original post (read it here), we will cut to the chase and present the declassified emails between the WSJ team in April/May 2009, and the NY Fed's Calvin Mitchell, then-EVP of the Communications Group, as well as the Fed's internal involvement of the FRBNY's General Counsel Thomas Baxter. We have highlighted the NY Fed "suggestions" - they are self-explanatory.

Source

Why do we bring up Hilsenrath's editorial control by the New York Fed? For this reason:

 

 

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Wed, 06/19/2013 - 12:26 | 3671760 Say What Again
Say What Again's picture

This all looks very crooked to me

Wed, 06/19/2013 - 12:48 | 3671873 spine001
spine001's picture

The conflicts of interest are overt, not even an attempt at covert, i.e. through third parties like any corruption evolved third world Country like Argentina would attempt to do. This talks of the feeling of absolute impunity.

Wed, 06/19/2013 - 12:49 | 3671884 Joe Davola
Joe Davola's picture

The lessons of Watergate were learned well:  it's the coverup that gets you, so don't bother covering up!

Wed, 06/19/2013 - 13:25 | 3672034 NotApplicable
NotApplicable's picture

Ummm... are you aware that the "coverup" was the entire purpose of the whole exercise?

In other words, Watergate existed for the sole purpose of taking Nixon out of power. The fact that the subpoenas submitted by the prosecutor were for SPECIFIC PORTIONS of the tapes means that they were being fed to them by somebody that knew exactly where to look.

http://www.lewrockwell.com/north/north383.html

The lesson of Watergate was about exercising power BEHIND the scenes.

Wed, 06/19/2013 - 13:45 | 3672060 Joe Davola
Joe Davola's picture

I've always felt that was the case.

 

Thanks for that link, interesting questions re Watergate posed there.

Wed, 06/19/2013 - 12:48 | 3671878 TruthInSunshine
TruthInSunshine's picture

An independent media that serves as an institutional vanguard ensuring that the public is accurately and fully informed of the inner workings of the governmental and quasi-governmental entities that LORD OVER IT?

How quaint.

Why doesn't the WSJ and every other "independent media outlet" just let the subject matter of their "exposes" write the expose themselves.

Oh. That's right. They essentially do.

Wed, 06/19/2013 - 13:22 | 3672018 SDShack
SDShack's picture

Yep, hence Santelli asking him about the fact that the reporter is "sourced", and he agreed whole heartedly. Then the kicker which is essentially what you say... the WSJ is allowing the "source" to write the article. Basically, either the reporter and WSJ is too stupid to realize they have been used, or they are complicit in being used. I think we all know the answer to that one.

Wed, 06/19/2013 - 12:27 | 3671769 LetThemEatRand
LetThemEatRand's picture

The Fourth Estate my ass.  More like the Fourth Stooge.

Wed, 06/19/2013 - 13:59 | 3672179 Pegasus Muse
Pegasus Muse's picture

If you don't read the newspaper, you're uninformed. If you read the newspaper, you're mis-informed. - Mark Twain

 

We now live in a nation where doctors destroy health, lawyers destroy justice, universities destroy knowledge, governments destroy freedom, the press destroys information, religion destroys morals, and our banks destroy the economy. - Chris Hedges 

 

Wed, 06/19/2013 - 12:29 | 3671781 Confundido
Confundido's picture

Will they do an early release of the FOMC?

Wed, 06/19/2013 - 12:28 | 3671782 Cursive
Cursive's picture

When I was a child, I thought the U.S. was better than the USSR.  I have since grown up and taken off the Red, White and Blue glasses....

Wed, 06/19/2013 - 13:07 | 3671956 TrustWho
TrustWho's picture

In graduate school, a befriended an Ethiopian student. I could never convince him that USA was good guys and USSR was the bad guys. I told him he just did not understand the founding principles of the USA, and when he does, he would agree with me.

I have been to Russia and have Russian friends who were educated in the USSR system. I will give you that all these Russian friends are very bright, however they were better educated in western civilization than all my American friends. I still might disagree with my Ethiopian friend as USSR may have been better for its citizens than America for its citizens today.

To think, I made fun of PRAVDA (Truth) newspaper as propaganda. Anyone read the preface to the Patriot Act?

Wed, 06/19/2013 - 13:27 | 3672040 Buckaroo Banzai
Buckaroo Banzai's picture

It's absurd to think the the former USSR and the current US are in any way meaningfully equivalent.

That said, the current state of the US is a complete disgrace.

Wed, 06/19/2013 - 13:29 | 3672059 NotApplicable
NotApplicable's picture

Did it ever occur to you that you were BOTH wrong?

Or did it not occur to either of you that you were in a divide and conquer trap?

Arguing over "better" flavors of violent, coercive power is a form of self-enslavement.

Wed, 06/19/2013 - 12:29 | 3671788 fonzannoon
fonzannoon's picture

I saw the Hilsenrath interview with Santelli and what was interesting was you could see all of Santelli, but you could only see Hilsenrath's smirking head. Only his head. Then it occured to me that everytime I see Hilsenrath, it's only his head.

It is becoming apparent that Hilsenrath is just a head. No body. No legs. He is just a head. Someone carries the head around in a briefcase and sets it down and once they have the right camera angle he starts smirking and talking nonsense bullshit. Anyway you heard it here first.

Wed, 06/19/2013 - 12:34 | 3671818 Dr. Engali
Dr. Engali's picture

When you are the mouthpiece of the fed all they need is the head for oral pleasure.

Wed, 06/19/2013 - 12:55 | 3671903 asscannon101
asscannon101's picture

'Headsenrath. Jon Headsenrath. I'd shake your hand, but I don't have one. Pleasure to meet you...'

Wed, 06/19/2013 - 13:43 | 3672118 NotAMathWhiz
Wed, 06/19/2013 - 12:33 | 3671809 Dr. Engali
Dr. Engali's picture

It just goes to show you it's best to be on the side of the people actually in charge of printing the money...it pays better and comes with less hastle.

Wed, 06/19/2013 - 12:38 | 3671832 fonzannoon
fonzannoon's picture

could you imagine if there was a minor earthquake? Like a 3.2 or something and his head just starts bouncing around and then falls off the table?

Or if they go to commercial and you have that 5 seconds where the news anchors pretend to like each other and someone walks by and grabs his head and puts it in a shopping bag and just keeps walking? They risk so much.

Wed, 06/19/2013 - 13:14 | 3671983 ParkAveFlasher
ParkAveFlasher's picture

Fonz had a big glass of Santelli this morning.  Don't be fooled by his Chigaaago accent, Santelli is 100% kitchen table guinea and I mean that as a sincere compliment.  Myself, I am a Henry Hill.

Don't pop yet Fonz!

Wed, 06/19/2013 - 12:40 | 3671843 ebworthen
ebworthen's picture

"I'D SUGGEST NOT"

Classic.

Wed, 06/19/2013 - 12:51 | 3671890 Confundido
Confundido's picture

3pm: No tappering: Stocks up, gold down to $1,250/oz

Tappering: Stocks down, gold down to $1,250/oz.

 

No FOMC Release: Gold down to $1,250/oz

 

Gold down...

Wed, 06/19/2013 - 13:05 | 3671946 Jason T
Jason T's picture

To suffer is to love, to love is to suffer .. to suffer is to suffer.  

Woody Allen's Love and Death

Wed, 06/19/2013 - 13:14 | 3671986 insanelysane
insanelysane's picture

Fed will announce tapering, stocks drop, Kevin Henry will get $100b added to his account and the Fed will scoop up some cheap stock between 3 and 4pm.

Wed, 06/19/2013 - 12:53 | 3671897 ThunderingTurd
ThunderingTurd's picture

Anyone notice the VIX getting smashed? 

Wed, 06/19/2013 - 12:58 | 3671914 ThunderingTurd
ThunderingTurd's picture

I think someone is trying to make protection cheap before they buy said protection...thoughts?

Wed, 06/19/2013 - 12:59 | 3671923 fonzannoon
fonzannoon's picture

I think we should all go for a walk outside and check back tomorrow and it will just be more of the same goddamn shit.

Wed, 06/19/2013 - 13:15 | 3671991 ThunderingTurd
ThunderingTurd's picture

But then I wouldn't get to feel my face getting ripped off via these MS puts...

Wed, 06/19/2013 - 13:06 | 3671950 Its Only Rock N Roll
Its Only Rock N Roll's picture

Hedges unwinding.  ESW will be up 20 post Benny Show.

Wed, 06/19/2013 - 13:23 | 3672023 Solarman
Solarman's picture

I'm long XIV, and  keep moving my stop up.  This is weird.  Setup or the mrket explodess here.

Wed, 06/19/2013 - 12:54 | 3671900 dcb
dcb's picture

too difficult to read posting.

Wed, 06/19/2013 - 13:08 | 3671961 slaughterer
slaughterer's picture

The Wall St/Fed cartel controls everything.  

Wed, 06/19/2013 - 13:12 | 3671980 insanelysane
insanelysane's picture

Either Monday morning or Tuesday morning I was half watching Bloomberg tv before work and Mr. Bowtie guy was badgering some other financial news reporter into saying that there was no way that the Fed was using the WSJ to "leak" information.  Bowtie guy just kept repeating that there is no way the Fed is doing it and the reporter was completely uncomfortable trying to agree.  

Wed, 06/19/2013 - 13:19 | 3672006 Clowns on Acid
Clowns on Acid's picture

Santelli tastes the Grapes of HilsenWrath....

Wed, 06/19/2013 - 13:29 | 3672056 Buckaroo Banzai
Buckaroo Banzai's picture

Market Trek 2: The Wrath of Hilsen

Wed, 06/19/2013 - 13:30 | 3672063 Westcoastliberal
Westcoastliberal's picture

"Journalistic integrity"?  We don't need no stinkin' journalistic integrity!

Wed, 06/19/2013 - 13:36 | 3672088 Rehab Willie
Rehab Willie's picture

FED expected to release their minutes exactly at 13:58:58

Wed, 06/19/2013 - 14:07 | 3672221 newworldorder
newworldorder's picture

The WSJ needs to strop calling itself a newsmaper, much less a financial newspater.

But in the land of manipulated markets, every Central Bank needs to control at least one alletged "newspaper" and  the assorted editors and writers that go with it.

Wed, 06/19/2013 - 14:17 | 3672284 thismarketisrigged
thismarketisrigged's picture

fuck u hilsenwrath, santelli put u in ur fucking place u jackass.

 

kill urself

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