From Times Staff and Wire Reports

Former Fed Governor Reportedly Under Investigation: The Federal Reserve System is investigating whether former Fed Gov. Wayne Angell received inside information about the Fed's activities or simply had a brilliant hunch, according to the New York Times. The focus of the inquiry is a report Angell wrote a few weeks ago for clients of Bear Stearns, his new employer. In the report, he said eight or nine of the 12 regional banks had requested an increase in the discount rate. The knowledge that the boards of regional banks were pushing to raise the discount rate would be helpful in predicting the vote of the Federal Open Market Committee because very few people are close to those requests.

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