It is Wall Street after all. We know there will always be insider-trades behind closed doors. But, it’s another thing completely when they do it in broad daylight. It’s like being slapped in the face over and over with a hundred-dollar bill.
The FOMC, the “Fed”, usually meets on Tuesdays, releases their minutes or “meeting notes” on Wednesdays to Government Officials, then makes the notes public on Thursday for investors and consumers. This week, the meeting notes were released on Wednesday to 12 major banks, a high-powered Wall Street Law Firm, a Hedge Fund, & a Private Equity Fund. The Banks in receipt were: Fifth Third, Citigroup, UBS, Barclays, U.S. Bancorp, Goldman Sachs, Wells Fargo, HSBC, BNP Paribas, BB&T, JPMorgan Chase andPNC. Read the full article here. Coincidentally, that same day, Goldman Sachs issued a statement to Short GOLD!
The FOMC minutes are precious data in a market completely driven by the policy of the Federal Reserve. To give that information out to privileged entities is not only wrong, but in my opinion, it’s CRIMINAL. They put Martha Stewart in jail for a phone call for crying out loud! What the Government did this week was 1,000,000 times worse!
We made a new all-time high in the S&P 500 and the Dow Jones Industrial Average today. That sounds like a good time to start peeling the potato. If you want to move your money somewhere safer than the Stock Market, where you own a hard asset vs. a piece of paper, you should look into Real Estate Securities. These will be KING in the investment world for the next 5-10 years.
Other topics discussed on today’s radio show:
– Tiger Woods will win the Masters this weekend.
– 1031 exchanges in San Diego and how to make the most of them
– The difference between Organic and Non-Organic food
– Why America is such a great Country
Click below to listen to the Mr. Credit Radio Show Podcast for 4.11.13