NY Fed

Over three years ago, in November 2013, when the world's attention was still largely focused on what the "Big 4" central banks would do with QE and/or interest rates, we wrote an article showing in one simple chart  "How In Five Short Years, China Humiliated The World's Central Banks", and noted that in just the brief period since the financial crisis "Chinese bank assets (and by implication liabilities) have grown by an astounding $15 trillion, bringing the total to over $24 trillion.

Bangladesh is not pleased with the NY Fed.

One Friday in early February, hackers who had apparently been stalking the Bangladesh central bank for at least two weeks bombarded the Fed with requests for transfers of nearly $1 billion from the country's FX reserves.

The good news: the vast majority of that total was not transferred. The bad news: $100 million of it was and of that $100 million, more than $80 million is still missing.

One week ago we were stunned to learn, and report, that as part of the "sentencing" of former NY Fed employee Jason Gross who had admitted to stealing confidential Federal Reserve information and passing it on to his former boss Rohit Bansal, then employed at Goldman Sachs, in hopes of generating goodwill and a comfortable post-Fed job at 200 West, he somehow managed to avoid any jail time and instead was slapped with a draconian penalty: a $2,000 fine.... oh and some community service.

Jason Gross

The story of the theft of $100 million from the Bangladesh central bank - by way of the New York Federal Reserve - is getting more fascinating by the day.