Over at EconomicPolicyJournal, Robert Wenzel is taking Herman Cain’s advice:
During various campaign stops, Republican presidential candidate Herman Cain has suggested that there is no need for another audit of the Fed, that sufficient audits have been conducted. He also has said that if there were any questions about how the Fed works, that one should just call up a Fed public relations department and that they would go over concerns.
My specific concerns center around trades the New York Fed has conducted with Primary Dealers (e.g Goldman Sachs). I have heard from sources that the New York Fed, at times, has conducted trades with Primary Dealers that have been hugely profitable for the dealers at the time of the trades. It would be nice to sit down with the Fed and go over these concerns as Herman Cain suggests can be done.
I have thus contacted the New York Fed and spoke to Eric Pajonk in the NY Fed’s public relations department. He asked that I put my request in an email. The email is below and is self-explanatory. I’ll keep you posted with the Fed’s response.
