Speaking of "tone at the top" ... why has CFA Institute been silent about the massive ethical breach at the Federal Reserve (releasing minutes a day early, but only for political cronies)?

Unlike a previous incident (when some investors heard about the 30yr bond being restarted) and the SEC being unwilling to prosecute Bernie Madoff even though they were sent boxes and boxes of evidence ... this recent ethics lapse at the Fed may have been an "honest mistake".

But in the private banking sector, even an honest mistake would result in severe disciplinary proceedings -- and almost certainly would result in termination.

Please explain why public servants are not held to the same ethical standards as Wall Street bankers ... never mind the standards of the general public.

I applaud Bill Gross (a CFA member) for trying to stir up public anger over this, but at the same time CFA Institute should be embarassed that John Rogers has been very quiet on this issue.

Does CFA Institute take ethics seriously or not?

Time to "set the tone at the top" -- starting with government regulators. If CFA Institute doesn't speak up and condemn the Fed's ethical lapse, then please stop telling us how important ethics is supposed to be.