Fed Chairman’s House May Be Worth Less Than He Paid For It
Housing Industry Bail Out Seen As Possible Conflict of Interest
Bloomberg News reports that Fed Chairman Ben Bernanke’s house may be worth less than he paid for it back in May 2004. Critics point out that recent extraordinary steps by the Fed to ease credit conditions could be evidence of a conflict of interest on the part of Chairman Bernanke and other government officials who own houses, buy groceries or use loan sharks to pay for their call girls.
Bernanke has defended the interest rate cuts as necessary to keep the economy from slipping into a recession. The Fed Chairman further noted that loan shark rates fluctuate independently from the Fed’s discount rate with the exception of some secured debit cards issued by banks.
Fed officials had no comment on rumors that the Fed had pressured J.P. Morgan to issue emergency student loans to pay for college and subsidize children of high-ranking public officials who are interested in attending grad school.
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Mar 22, 2008 at 10:46 pm
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