GAO Audit of The Fed Finds Serious Conflicts
Submitted by bobbyw24 on Wed, 10/19/2011 - 10:35WASHINGTON (MarketWatch) — A long-awaited audit of the Federal Reserve’s emergency lending programs on Thursday urged several reforms, including an overhaul of the central bank’s conflict-of-interest policies.
The Government Accountability Office found that many employees and contractors of the New York Fed were allowed to keep investments in companies that received Fed assistance.
William Dudley, the current president of the New York Fed but at the time the head of its open-markets group, was granted a waiver to let him retain his shares in American International Group Inc. AIG +0.22% and General Electric GE +0.60% .
The GAO report doesn’t specifically mention Dudley but it did provide his name to the office of Sen. Bernie Sanders of Vermont , according to the lawmaker’s spokesman, Michael Briggs.
Sanders had requested the GAO report.
http://www.marketwatch.com/story/audit-of-fed-finds-conflict...
Senator Sanders published a
Senator Sanders published a statement:
http://sanders.senate.gov/imo/media/doc/101911%20-%20THE%20S...
www.pmbug.com
Thanks.
Reading it now...
Cuimhnigh orm, a Dhia, le haghaidh maith.
This makes me crave a
This makes me crave a free-market banking instead of a government created banking cartel.
Maybe this will prod Sanders to do more
thinking about the role of BigGov.
I think I'm going to be sick...
...and nothing is going to happen to any of these crooks.
Cuimhnigh orm, a Dhia, le haghaidh maith.
Now they pass notes, pretending they & their notes have value.
By & by they themselves will pass. We will find little value in either. Much ado about nothing.
Mark Twain Posts 1835-1910-To-be-continued...
Daily Paul ☑ Ron Paul, 2012 ☑
Wow blatant corruption! This
Wow blatant corruption!
This past Monday, I attended an event put on by my law school in which the vice president and General Counsel of the Federal Reserve Bank of Philadelphia was brought in to speak for about two hours.
The event was billed as "careers and the federal reserve" so she was very candid in her presentation about what the fed does as she expected this to be a sympathetic audience.
Here is a Summary of what she said in her own words:
- Federal open market committee (FOMC) is a government entity, with its members nominated by the president and approved by the senate.
- BUT All 12 of the federal reserve banks are private entities. She works for the Philadelphia federal reserve and stated she was not a government employee.
- The FOMC delegates authority to the regional private corporation banks to inspect other banks.
- The Federal Reserve is self-financing! Funding themselves mainly from the interest on securities. (the securities being mainly treasuries.)
- Specifically stated that she liked being self- financing because Federal reserve is not subject to the appropriations process like government agencies are, therefore they are independent of Congress, and allowed to do what they want.
- During a question period, I asked her to comment on the one time audit of the Feds emergency lending program they was provided in Dodd-Frank bill. She didn’t really comment on it. Saying there were a couple audits of the fed (my question was to comment on the audit and then when she asked about which one and listed a few I nodded when she state the feds emergency lending programs.) She stated there is a general audit that will be available tomorrow. ( I don’t know if that’s available only to her or the general public but I guess it means today!)
- Also asked her about the New York fed making loans to foreign banks. She seemed to get very hostile at this question and stated that the Fed doesn’t make loans only does currency swaps with foreign national banks. (this was a blatant lie as Bloomberg’s FOIA that the Supreme court granted on April, 1 of this year showed that the Fed’s discount window lending program was giving loans to Germany, English and banks all over the world.)
Federal Reserve is self-financing! Funding themselves! Indeed.
'The Federal Reserve is self-financing! Funding themselves mainly from the interest on securities (the securities being mainly treasuries.)' - Vice President and General Counsel, Philadelphia Federal Reserve, 2011 paraphrased.
Self-financing is the under statement of the century.
'...one time audit of the Fed's emergency lending program She stated there is a general audit that will be available tomorrow.'
'...New York fed making loans to foreign banks. ... the Fed doesn’t make loans only does currency swaps with foreign national banks. ... Bloomberg’s FOIA lawsuit decided @ US Supreme court granted, the Fed admitted on April 1, 2011..'
$16 Trillion stealth loans & swaps (loans of our paper-money in exchange for a foreign bank paper money), 2008 - 2011.
Note:$16 Trillion is larger than the unaudited National Debt created out of who knows where. Larger than annual GDP. Larger than absurdity.
Mark Twain Posts 1835-1910-To-be-continued...
Daily Paul ☑ Ron Paul, 2012 ☑
Interesting, but did not get
Interesting, but did not get to audit much, it seems..
Fished out a $16 Trillion stealth loan list! Foreign & domestic.
The fish measured by dollars was huge... $16 Trillion. The Fed refused to answer honestly about these stealth loans bequeathed to banks, other businesses & individuals... foreign & domestic. The related lawsuit by Bloomberg News FOIA went all the way to the US Supreme Court. The court ruled the Fed must admit to & list each emergency loan granted, 2008 - 2011. The amount was gargantuan... $16 Trillion.
This forum is bringing out even more sordid details. This makes it clear... a full audit of the Fed is in order.
Mark Twain Posts 1835-1910-To-be-continued...
Daily Paul ☑ Ron Paul, 2012 ☑