New York Fed Conducts Test of Fixed-Rate Reverse Repo Facility

Richard Parrinello, of Brookhaven, New York, kept the snakes in his detached garage, all neatly stacked in containers and at the right temperature, according to Roy Gross, chief of the Suffolk County SPCA. Burmese pythons are illegal in New York, and Parrinello’s were taken from the house to a reptile sanctuary in Massachusetts while the rest of the snakes are still in his garage, according to Jack Krieger, communications director for the Town of Brookhaven on Long Island. Gross said all the snakes appeared to be in good health and there was no animal abuse or neglect. “It was a well-maintained facility, it was very clean and organized, it was a business,” Krieger said. By the numbers: Pets Parrinello kept an online website, “Snakeman’s Exotics,” which advertised a collection of pythons, boa constrictors and hognose snakes available for sale both domestically and internationally. After weeks of investigation into alleged workers compensation fraud, the town of Brookhaven, the U.S. Fish and Wildlife Service, the New York State Department of Environmental Conservation, Suffolk County Police and the SPCA executed a search warrant in Parrinello’s home, where he lives with his wife and 10-year-old son, according to a news release from Brookhaven. Undercover investigators spoke to Parrinello, who claimed to have $500,000 in inventory stored on the premises, including snakes, turtles and turtle eggs, the news release said. Authorities also say they found a few tarantulas and a couple of freezers with frozen mice and alligator carcasses. Krieger said Parrinello wasn’t arrested or charged with any criminal activity, but he was running a business out of his residence in a residential area, which is a violation of the town code. Town Law Department officials are still investigating and will likely issue numerous violations in the coming days. When reached by telephone, Parrinello declined to comment. “What makes this case especially egregious is that this individual was allegedly operating this reptile business out of his home, posing an unknown threat to the neighbors of this community,” said Brookhaven Supervisor Ed Romaine.

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The tests, which are temporary open market operations, may extend through Jan. 29, the New York Fed said in a statement on Sept. 20. Fed staff members presented officials the possibility of the facility at the Federal Open Market Committees meeting in July. The system would allow the central bank to offer an overnight, risk-free instrument to a wide range of market participants, and possibly improve its ability to keep short-term rates at desired levels, minutes from the gathering showed. Fed policy makers, while still buying bonds to support the economy, have also been developing methods to eventually help withdraw record monetary accommodation. Along with raising the overnight bank lending rate, Fed officials have said they may use tools including reverse repos to withdraw or neutralize cash in the banking system. In a reverse repo, the Fed lends securities for a set period, temporarily draining cash from the banking system. At maturity, the securities are returned to the Fed, and the cash to its counterparties. To contact the reporter on this story: Liz Capo McCormick in New York at emccormick7@bloomberg.net To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net More News:

life insurer owned by policyholders, fired Trevor Clark, the chief executive officer of the Madison Capital Funding LLC unit, for violating policies tied to personal investments. Hugh Wade, a co-founder of Madison Capital, was named acting CEO, the New York-based insurer said today in an e-mailed statement. New York Life also fired Christopher Williams, a senior managing director at the unit, the insurer said. The dismissals, effective today, were for violating company policies pertaining to personal investments and personal business activities, William Werfelman, a New York Life spokesman, said in the statement. Our companys rules are strict with regard to these disclosures and activities so we can continue to maintain the highest integrity and performance. Clark and Williams had been suspended amid a company probe, a person familiar with the matter said last week. Attempts to reach the men werent immediately successful through phone numbers and e-mails obtained in a public-records search. The men in 2001 helped found Chicago-based Madison Capital, which provides financing to private-equity firms, according to New York Lifes website. The business has completed more than 1,100 transactions totaling more than $15.5 billion in net funded commitments. The unit offers senior loans and equity co-investments, in industries including manufacturing and distribution. Madison Capital targets companies with stable profits and at least $3.5 million of earnings before interest, taxes depreciation and amortization. Wade, 52, is a senior managing director at Madison Capital and previously worked at Bank of America Corp. He graduated from Marquette University and has an MBA from the University of Notre Dame.

New York Life Fires Private-Equity Lending CEO

Nate Robinson, Chicago Bulls to Denver Nuggets: After an outstanding postseason, Robinson was expected to draw more interest in free agency. But he will be an important reserve for the Nuggets. Steve Mitchell, USA TODAY Sports 30. Chris Kaman, Dallas Mavericks to Los Angeles Lakers: He wont replace Dwight Howards production, but Kaman is a veteran center and was a smart hire by the Lakers in free agency. Tim Fuller, USA TODAY Sports Like this topic? You may also like these photo galleries: Replay Kidd was drafted second overall out of Cal by the Mavericks in 1994. Michael Conroy, AP Kidd’s court vision was obvious from his earliest days, but his shot had not been harnessed until his 30s. He shot worse than 40% from the field in his first stint with the Mavs. Porter Binks, USA TODAY Sports Kidd and fellow 2013 retiree Grant HIll shared the 1994-95 NBA Rookie of the Year Award. Richard Drew, AP Kidd was teamed up with fellow young rising stars Jamal Mashburn, left, and Jim Jackson, right, in his early time with the Mavericks. But the grouping didn’t work out, and all three were traded midseason in 1996-97. AP Kidd led the NBA in assists per game three times with the Suns and made the all-NBA first team three times. David Zalubowski, AP Kidd teamed up with Anfernee “Penny” Hardaway in 1999 on the Suns, giving them two exciting point guards and 1990s stars. Hardaway’s health problems limited the duo. Eric Draper, AP Kidd played many times with Team USA, including winning gold at the 2000 and 2008 Olympics. His pass-first style was key to balancing rosters full of All-Stars. Rob Schumacher, USA TODAY Sports Kidd went blond with the Suns briefly, but that didn’t keep him from some of his best statistical seasons. Robert Hanashiro, USA TODAY Sports Kidd was traded to the Nets in 2001 and immediately put his stamp on the team for his best seasons. Daniel Hulshizer, AP Kidd was at his best with the Nets from Day One, finishing second in 2001-02 NBA MVP voting behind Tim Duncan. Michael Madrid, USA TODAY Sports Passing was always Kidd’s greatest gift, and he finished his career averaging 8.7 assists a game. Donna McWilliam, AP Kidd led the Nets to the 2002 NBA Finals, where they were swept by Kobe Bryant and the Lakers. Jack Gruber, USA TODAY Spors Kidd again led the Nets to the Finals in 2003, but they again were beat, this time 4-2 by Tony Parker and the Spurs. Robert Deutsch, USA TODAY Sports Kidd and ex-wife Joumana have three children, a son and twin daughters. But their 2007 divorce, after a decade of marriage, was nasty as she accused him of domestic violence. Todd Plitt, USA TODAY Sports Kidd teamed up with Dirk Nowitzki on the Mavericks to finally break through for his first title in 2011. He started every game during his 4 seasons with the Mavs, though his production had declined. Don Emmert, AFP/Getty Images The Mavericks beat the favored Heat in the 2011 NBA Finals, with Kidd consoling Heat star LeBron James after the finish. Jesse D. Garrabrant, NBAE/Getty Images Kidd paired well with Carmelo Anthony, who he played with for Team USA, on the Knicks, where he finished his career in 2012-13. Joe Camporeale, USA TODAY Sports Like this topic? You may also like these photo galleries: Replay 30. Philadelphia 76ers (16-66).