Two weeks ago we showed something striking: while combing through Janet Yellen's recently disclosed daily diary, we noticed that on February 11 and 12, the Fed chair held two critical phone calls, one with BOE governor Marc Carney and the next day, with BOE president Mario Draghi.
But what was especially shocking, and the reason why we dubbed them "the phone calls that saved the world", is that the first call took place quite literally the very hour that the market hit its 2016 lows.
We asked if thanks to Yellen's diary we got "the closest glimpse of Keyser Soze the global Plunge Protection Team communication by phone call?" before concluding that "only the NSA knows."
This was not enough for one of our readers who decided to find out more and as a result, he sent a FOIA request to the Fed on the day of the post, in which he requested the audio file or any documentation of the nature of the telephone call between Yellen and Carney and, subsequently, Draghi.
The Fed's response: a resounding "no", for the following reason: "the responsive document contains nonpublic commercial or financial information" and while "the document containing the exempt information was reviewed... no reasonably segregable nonexempt information was found."
Of course, if the phone contains the information many suspect it does, then the Fed is probably wondering why is someone so naive as to ask how the sausage is made when they can just BTFD and live happily ever after.
More seriously, when the Fed parades around with its "transparency" it clearly has this in mind.
But when it comes to truly important things like the content of a phone call that may very well have prevented the market from collapsing, well you better work at Goldman Sachs to get that particular confidential Fed data...