OTHER NEWS - July 29, 1994

Ex-Fed Governor Under Probe: Wayne D. Angell, a former Federal Reserve governor, is the target of an inquiry by the Securities and Exchange Commission into the possible misuse of secret bank information, according to the New York Times. The SEC is exploring whether Angell, who finished an eight-year term with the Fed in February and became chief economist at Bear Stearns & Co. in April, illegally received or passed on inside information this spring, the paper said in today’s editions. During the time in question, Angell was warning clients that the Fed was likely to raise interest rates significantly, the newspaper said. Angell said there was nothing to investigate. The inquiry follows an internal Fed investigation that found no evidence of wrongdoing.