Chuck from Rebel Traders reports that the Federal Reserve hires a lobbyist.
(emphasis mine) [my comment]
Federal Reserve Hires Lobbyist
By ·1:19 a.m. Jun 06, 2009
From the "Unbelievable File"...
June 5 (Bloomberg) — The Federal Reserve intends to hire a veteran lobbyist as it seeks to counter skepticism in Congress about the central bank's growing power over the U.S. financial system, people familiar with the matter said.
Linda Robertson currently handles government, community and public affairs at Johns Hopkins University in Baltimore, and headed the Washington lobbying office of Enron Corp., the energy trading company that collapsed in 2002 after an accounting scandal. She was also an adviser to all three of the Clinton administration's Treasury secretaries.
Robertson would help the Fed manage relations with lawmakers seeking greater oversight of a central bank that has used emergency powers to prevent Wall Street's demise. While she wasn't tied to Enron's fraud, her association with the firm may raise questions, analysts said.[...]
[...]Robertson served under Treasury Secretaries Lawrence Summers, Robert Rubin and Lloyd Bentsen. She didn't return calls seeking comment.
Robertson is likely to start at the Fed in July and have the title of senior adviser to the Board of Governors, the people familiar with the situation said.
She was considered for a senior post under Geithner at the Treasury but ran up against the Obama administration's restrictions on hiring lobbyists, the people said.
[...]While Robertson's Hopkins biography makes no mention of her work at Enron, federal disclosure documents show she joined the company in 2000 after working at the Treasury. Robertson, who signed some of the forms, said she lobbied on energy and tax issues.
The Federal Reserve taking on a professional lobbyist in order to sooth the relations with Congress is a disgrace to the American people [Agreed]. Just when tough questions need to be asked (and answered) about the Federal Reserves actions they will now use a lobbyist to smooth things over. This is simply unbelievable.
I guess the Federal Reserve does not want to see this happen again [that is a pretty good guess] (see video below).
My reaction: If the fed is hiring a lobbyist, that means that it is worried, with good reason. The video above is a disgrace. I can't wait for the day the fed is finally audited.
(Incidentally, Market Skeptics reached 1,000,000 hits/page views yesterday. Pretty good for a blog less than 7 months old. Thanks everyone!)