By now everyone has heard of the NY Fed’s most famous employee (who did not work at Goldman Sachs previously): Kevin Henry, who according to his latest LinkedIn profile was recently promoted to Senior Associate at the Capital Markets desk at the NY Fed (and if they haven’t, a refresh can be found here, here and here). Which is fine: Kevin deserves all the recognition and accolades that are due to anyone who manages to centrally-plan the world’s biggest bond market. Because after all that’s what the Fed does: it intervenes in the bond market. Nothing strange about that.
And yet we have one question: why does Kevin seem to exhibit an absolute fascination when it comes to equity ETFs?
According to Kevin’s LinkedIn page, the young NY Fed “Portfolio Manager” is a member of virtually every single ETF group possible such as:
- ETF
- ETF(k) Retirement Plan
- ETF.com
- ETF Trading Techniques
- ETFs & Index Options
- The SPDR ETF Financial Advisor Forum
- And, stuck inbetween, Multi-Asset Investors and Automated Trading Strategies (for Algo Traders of Stocks)
From his profile (link):
One assumes these are purely extracurricular interests pursued by the full-time NY Fed employee, because the last scandal this subsidiary of Goldman Sachs located at 33 Liberty Str, pardon, the New York Fed needs, is for someone to find out that in addition to bonds, its employees are also moonlighting, quite illegally, as ETF index traders (especially in the time between 11:00 and 11:30am and just after 3:30 pm every trading day).
via Zero Hedge http://ift.tt/1vWSoPC Tyler Durden