Last week, the banks dealt with by the regional governors of the Federal Reserve, the US Central Bank, provided a detailed disclosure of the governors’ dealings in the buying and selling of financial and real estate assets over the past year, to show that Robert Kaplan, Chairman and CEO of the Federal Reserve Bank in Dallas, Texas, Dealings in the stock market, including buying and selling, amounted to tens of millions of dollars.
Reports submitted by banks during the past few days showed that Kaplan, who holds a seat in the Federal Open Market Committee that sets US interest rates and outlines monetary policy in the world’s largest economy, owns an investment portfolio that includes shares in 27 companies and investment funds, and that his contribution to any One of them is not less than a million dollars.
The economist, famous for his many warnings about the dangers of excessive injections of money to stimulate the economy at the levels of risk in the financial sector, owns shares in major technology companies.
Reports indicated that the great economist, who is famous for his frequent warnings of the danger of excessive injections of money to stimulate the economy at the levels of risk in the financial sector, owns shares in major technology companies, such as Amazon, Apple and Facebook, and Alphabet, the parent company that owns the famous search engine Google, which is rising Usually valued with lower interest rates on the dollar.
Although regulations allow regional bank chiefs to deal in stocks, the exaggerated turnover of Kaplan, in the pandemic year, which saw the Federal Reserve pumping trillions of dollars into the markets to counter the economic downturn and provide liquidity in the bond market, indicates that it has not yet been able to remove the mantle of the investor He wore it during his tenure at investment bank Goldman Sachs over more than two decades, which ended after he assumed the position of Vice Chairman of the Bank’s Board of Directors, and primarily responsible for its investment activities, in 2006.
Before moving to the Federal Reserve on this day in September 2015, Kaplan taught management at Harvard Business School and authored seven books on management and leadership.
During that period, and before that, his period of work in the giant bank, he was able to make a huge fortune, which allowed him to be the founder and co-chair of the charitable foundation that bears his name with two other partners, which invests what it has of its money in more than 100 non-profit projects, in addition to To occupy the position of a board member in more than one other institution.
Kaplan is considered one of the most active, and most innovative, regional heads of the bank in the recent period, as he had many opinions in the vital areas that preoccupied Americans, starting from the second quarter of last year, when the effects of the epidemic began to appear on the economy, monetary policy, and unemployment rates.
Kaplan suggested using a number of new indicators, other than the announced unemployment rate, to deal with the labor market, which he saw as ready to receive a number of workers that clearly exceed the additions that appeared in the reports issued at the end of each month.
Indicating that the labor market has regained full strength, Kaplan confirmed that the rate of workers leaving their jobs during the first quarter of this year reached its highest level since 2019, before the emergence of the virus, which confirms the confidence of the resigned workers in the ease of finding a better job opportunity quickly. .
Before the end of last summer, Kaplan wrote a long article in ten pages, which can be described as an integrated study, in which he reviewed the challenges of monetary policy in the United States in light of the spread of the virus, and before agreeing to the use of vaccines, enumerating the reasons behind his preference to keep interest rates at zero levels until year 2023.
While he was taking advantage of the opportunity to buy the candidate shares to benefit from the low interest rates, the veteran banker played the role of “the devil’s advocate”, reviewing the dangers of maintaining low interest rates, and at the same time pushing the irrefutable arguments that reduce the importance of these risks. After announcing his investment, a Kaplan spokesperson confirmed that his exchange dealings over the past year had been reviewed and approved by the Federal Reserve’s general counsel.
