"Fed would be shut down if it were audited," says a CNBC article.
Submitted by dgingerich on Wed, 06/10/2009 - 09:51
By: CNBC.com | 10 Jun 2009
The Federal Reserve's balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional audit, Jim Grant, editor of Grant's Interest Rate Observer, told CNBC.
With $45 billion in capital and $2.1 trillion in assets, the central bank would not withstand the scrutiny normally afforded other institutions, Grant said in a live interview.
The full article is here:
http://www.cnbc.com/id/31204170
Seems like a pretty fair article coming from the MSM.
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