Carney on ‘Kudlow’: SEC, Congress Need to Investigate Suspicious Trades Around CPI Numbers
On Friday’s broadcast of the Fox Business Network’s “Kudlow,” Breitbart Economics Editor John Carney called for investigations by Congress and the SEC into suspicious trading around the release of Consumer Price Index (CPI) numbers and how people could have possibly gotten their hands on CPI data in advance.
Carney said, [relevant remarks begin around 4:35] “Congress needs to ask the White House who gets these numbers. … We know that the CEA (Council of Economic Advisers) gets it, the NSC gets it, but we don’t know who they share it with internally.”
He added, “This does seem like — because it’s not just that there’s a lot of trading. There’s a lot of trading in the right direction. So, it seems like people actually do have a grip on what’s coming out. We need to find out — plug that leak. I don’t think it’s the Department of Labor. They’ve been running this safe and secure for a long time. I think it’s somewhere where it’s getting transmitted.”
Carney concluded, “It is a big scandal. The SEC should be — and I’m sure they are, they’re looking into this. When I was an M&A lawyer, we used to — as soon as we announced a deal, the SEC would send us a letter that had the names of everybody who did unusual trading and basically, they’d ask, do you know any of these people? So, I’m sure right now, they’re going through everybody who did unusual trades around — in front of the CPI and figuring out how could they have gotten this information.”
Follow Ian Hanchett on Twitter @IanHanchett
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