Bernanke’s Assets Tumbled as Much as 29% as U.S. Stocks Fell
July 29 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke’s assets tumbled by as much as 29 percent last year as declining stocks eroded the value of his annuities and other investments, according to his annual financial disclosure forms.
The filings, released by the Fed yesterday, show Bernanke and his family owned $852,000 to $1.9 million in financial assets in 2008, down from $1.2 million to $2.5 million in 2007. The forms, published by the Office of Government Ethics, require officials to report only a range in the value of holdings.
The Fed chairman’s two largest assets in both years were TIAA Traditional, recorded as an annuity, and CREF Stock Large Cap Blend, a variable annuity. While both were valued at $500,001 to $1 million in 2007, the CREF stock fund fell to a range of $250,001 to $500,000 last year, according to the documents.
A retirement account invested in high-yield bonds at BlackRock Inc. held its value in a range of $15,001 to $50,000, and a BlackRock large-cap fund remained in the $1,001 to $15,000 range.
The funds were run by Merrill Lynch & Co. when Bernanke invested in them. Merrill merged them with BlackRock, and the funds were renamed, in 2007. As widely held mutual funds, they are exempt from regulations barring the Fed chairman, and other members of the Fed board, from owning stock in institutions involved in banking or finance.
*TIAA-CREF used to be a great company. They were one of the only companies who didn't lose money after 9/11. But then the 25 year CEO retired and a new sheister took the helm. Now TIAA-CREF is just like every other brokerage. Shame really.