DonGlock26
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- Sep 15, 2024
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Ex-senior Federal Reserve advisor charged with economic espionage to benefit China
A former senior advisor for the Federal Reserve was arrested on charges that he conspired to steal Fed trade secrets for the benefit of China.
The data that advisor John Harold Rogers shared with his co-conspirators could allow China to manipulate the U.S. market “in a manner similar to insider trading,” the Department of Justice said.
The information Rogers allegedly sought as part of the scheme included “sensitive information about the Federal Open Market Committee,” whose interest rate decisions have broad market effects.
A former senior advisor for the Federal Reserve was arrested Friday on charges that he conspired to steal Fed trade secrets for the benefit of China.
The data that the advisor John Harold Rogers allegedly shared with his co-conspirators could allow China to manipulate the U.S. market “in a manner similar to insider trading,” according to the U.S. Attorney’s Office in Washington, D.C.
“Gaining advance knowledge of U.S. economic policy, including advance knowledge of changes to the federal funds rate, could provide China with an advantage when selling or buying U.S. bonds or securities,” the office said. Prosecutors noted that China holds about $816 billion of U.S. government debt.
I think the amount of Chinese spying going on in the US would shock the public. If we don't take the Chinese seriously, we may get another Pearl Harbor or worse.