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Elizabeth Warren blasts Kevin Warsh, saying he ‘seems to invite corruption’

Kraig Pakulski 0 56 Article rating: No rating
Federal Reserve Chairman Kevin Warsh testifies before the House Financial Services Committee on Capitol Hill on July 14

By Bryan Mena, CNN

Washington (CNN) — Federal Reserve Chairman Kevin Warsh faced intense grilling Wednesday from Democratic Sen. Elizabeth Warren, who demanded to know whether he had questioned a colleague about reports that she attended a meeting with bankers last month that may have violated Fed rules, fueling a heated exchange about ethics.

The senator asked Warsh repeatedly during his second day of monetary policy testimony on Capitol Hill if he had asked Fed Vice Chair for Supervision Michelle Bowman whether she had attended the meeting.

“Did you ask?” Warren asked Warsh several times. “The tone that you are setting is one that seems to invite corruption.”

In the days leading up to every Fed policy meeting, central bank officials are barred from speaking publicly or privately about monetary policy during what is known as the “blackout period,” which also stretches through the day after each meeting. The Wall Street Journal reported that Bowman on June 17, just hours after the Fed’s meeting that month, attended a private gathering of bankers hosted by Bank of America, in which she talked about interest rates. CNN has not verified independently.

The blackout period is intended to prevent Fed officials from influencing financial markets or creating the appearance that some investors have advance access to information that could move markets. It ensures that everyone receives that information simultaneously. If a Fed policymaker is found to have violated the blackout period, which is a rare occurrence in the central bank’s history, they could be asked to recuse themselves from policy decisions or face pressure to resign.

Warsh refused to answer whether he had addressed the issue with Bowman, saying the matter is being investigated by the Fed’s inspector general, Michael Horowitz, who operates independently from the central bank. Warsh said that he acknowledged a letter Warren sent to the inspector general about the matter.

“I’m aware of the letter you sent to the inspector general. Out of an enormous respect for him, his investigation, what he chooses to do with it, I’m going to leave to him,” Warsh said. “I’m not trying to micromanage that.”

Warren also pressed Warsh if anyone “gave you $100 million right before you were sworn in,” equal to the amount he was required to divest within a specified period after becoming Fed chair. Warsh also declined to answer that question.

“Who gave you $100 million right before you were sworn in? Was it a billionaire who has business with the Fed? Was it Stanley Druckenmiller, who’s made billions of dollars betting on what the Fed does? Or was it a different billionaire who gave you the money?” Warren said. Warsh’s ties with Druckenmiller, a high-profile investor, span a decade. He joined Druckenmiller’s Duquesne Family Office after resigning from the Fed in 2011. Warsh also invested tens of millions in the Juggernaut Fund, which is associated with Druckenmiller’s firm. (Those funds are now divested.)

“I will fully comply with the Office of Government Ethics,” Warsh responded.

“I think you’ve been basically harassed a little bit in terms of making accusations to you,” Republican Sen. Mike Rounds of South Dakota told Warsh. “Let me give you just a minute to perhaps respond in a just strai

Everything you need to know about England vs. Argentina

Kraig Pakulski 0 46 Article rating: No rating

By Ben Church, CNN

(CNN) — Note: This story first appeared in The Beautiful Game by CNN Sports, our daily newsletter on all things World Cup. To subscribe, click here.

Spain defied all pre-match predictions when it comprehensively brushed France aside to reach the World Cup final yesterday, and now it holds the enviable position of sitting back and seeing who it will play at MetLife Stadium on Sunday.

And while yesterday’s semifinal finished with a whimper, you can’t imagine that will be the case when Argentina comes face-to-face with England later today. The two nations have a long history both on and off the pitch, and all that should fuel what’s likely to be a fiery semifinal.

There is just so much to talk about with this game, so let’s dive straight in, starting with Argentina’s magic man who is stepping into new territory.

The Main Thing: Can England stop Lionel Messi in its first meeting?

In all of his 205 games for Argentina, it’s quite incredible that Lionel Messi has never faced England before. And while the superstar is slightly past his prime, he’ll be the one the Three Lions will attempt to tame later today.

Messi’s tournament has just been incredible. The fact he’s scored eight goals at the age of 39 is one thing, but his role in dragging Argentina out of trouble is arguably more impressive. Whenever the Albiceleste needs him, it appears that Messi can still deliver with a goal, an assist or a bit of magic that unlocks a defense.

He has had to adapt his game, of course. No player approaching 40 can press or attack with the same intensity throughout the whole match. Instead, the forward now picks his moments, strolling around the pitch to find space and then exploding into action.

According to Opta, Messi is the only player in this World Cup to cover 5km while walking during a match – in fact, he’s done it twice.

But if England mistakes his walking for laziness, then it’s in for a real shock in Atlanta. By constantly strolling around, Messi is not only conserving energy, but he’s also trying to find the best position in which to operate. If the English defenders switch off for just a second, they will be punished.

After all, no player has had more attempts on goal during this tournament than Messi (33) and he’s also had the most attempts from outside the penalty area (17).

Now that France and Kylian Mbappé are out of the tournament, Messi is surely favorite for the Golden Boot. He’s currently level with the French striker but has one, if not two, matches to overtake him.

But for those just getting into soccer now, I really wish you could have seen Messi at his peak (I guess you still can with the power of YouTube). Yes, he’s brilliant now, but he was a different beast 10 years ago. That World Cup win in 2022 just underlined, to me at least, that he’s the greatest to ever play the game.

He’s obviously already a national hero and the way in which his teammates look to protect and supply him with chances could well lead Argentina to back-to-back World Cup finals.

But as for Messi, he’s keeping his feet firmly on the ground and looking forward to a fresh challenge in his otherwise record-breaking career.

“It’s special because they’re a great team, a powerhouse, and it’s always nice to play a team like that, a match of this kind,” Messi told reporters about the prospect of playing England for the first time.

Inside look at the Three Lions

As for England, a nation awaits with bated breath. I can’t put into words how

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