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NEWS BRIEF: Federal Bank president’s finances raising questions

Private bank for questionable accounts

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Photo credit: Federal Reserve
Raphael Bostic, president of the Federal Reserve Bank of Atlanta, has a questionable relationship with an exclusive bank which caters to the wealthy, according to reports. Bostic has four accounts at Morgan Stanley’s Private Bank, three of which show less than $1,000 in assets and one account with $1,001 to $50,000 in assets, the report stated, yet clients are normally required to have assets of no less than $5 million. “Bostic somehow managed to be accepted into the rarefied ranks of Morgan Stanley’s Private Bank,” an article in Wall Street on Parade says. “This raises the obvious question: why did Morgan Stanley bend its asset requirement so dramatically for Bostic?” wallstreetonparade.com