(shaking head...)
The FT is reporting that diaries show that some of the top ECB decision makers met with banks days before - and in one occasion - hours before major policy decisions.
The diaries were from the period between August 2014 and August 2015.
ECB Benoit Coeure and Yves Mersch met with UBS on September 3rd and 4th and Coeure met with BNP Paribas on September 4th, 2014. The ECB surprised the market by cutting rates and increasing asset purchases on September 4th, 2014.
There were other red flags from other meetings outlined in the article http://www.ft.com/intl/cms/s/0/7a9d5d9a-8155-11e5-a01c-8650859a4767.html#axzz3qLxxeUPy
The ECB rules impose a quiet period that forbids decision makers from speaking in public the week before a scheduled policy meeting. The article also confirmed for the article that "officials never discussed market sensitive information in private meetings". Of course they didn't (UGH!!!!)
That may all be true but come on...with all the discussion and fines, and even prison sentences from market manipulation and collusion, you might think the central bankers would take a moment and think about who they are dining with and when those discussions are occurring.
WAKE UP!
