After 60 Mnts is anyone surprised at the Corruption any longer, There appears only one person in this whole Campaign with Honesty and integrity RON PAUL I just pray he gets a chance to sort just some of this Filth out of office Greenspan Bernanke must be crapping in their pants that this all gets out! They should all be asset stripped and put alongside Bernie Maddoff Life in prison too good for this Scum a life of hard Labour would be more to Justice these criminals deserve! What goes around comes around
The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured to the right), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning.
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Audit Of The Federal Reserve Reveals $16 Trillion In Secret Bailouts?
Posted on November 19, 2011.
i like money
Many don’t care as long as they check keeps rolling in.
Well its rather like voting in a dog to take charge of a butchers shop and then being surprised that it ate all of your stock isn’t it. Perhaps, one day, the people of the west will grow a set of balls and demand the death penalty for MPs that are caught lying cheating stealing and embezzling public funds. Until that happens you will not stop them. Western government is totally corrupt.
wow, considering the american economy is only worth about 1.3 trillion and we are nationally in a 14 trillion dollar deficit that adds up to be pretty close and true.
the fact that OUR economy is 14 trillion in deficit proves to me that its all been embezzled and mostly by the Obama Administration.
id say thats a pretty hefty indictable offense, including treason and high treason.
You are misrepresenting what the audit stated. For anyone who is interested, the audit report can be found at http://www.gao.gov/new.items/d11696.pdf
There was nothing secret about the Federal Reserve’s extraordinary lending programs. Each of the programs were discussed in detail in the 2008, 2009, and 2010 annual reports to Congress. Amounts that were outstanding in each program are listed on the Fed’s balance sheet and were shown on the weekly H.4.1 statistical release which are all public information. For example, here is the statistical release from March 5, 2009 http://www.federalreserve.gov/releases/h…
Also, there were news reports from the period that specifically covered several of the extraordinary lending programs. Yup, it was so secret that it was announced in the media. http://www.nytimes.com/2008/05/03/busine… http://www.forbes.com/feeds/afx/2008/03/… http://www.reuters.com/article/2008/10/0… and I can provide dozens of others.
Second, there was never $16 trillion in loans outstanding. Most of the extraordinary lending were for loans that matured overnight to address temporary liquidity issues. Also, most the extraordinary lending programs required adequate collateral from the borrower. Almost all of the extraordinary programs have now ended and all loans made under those programs were repaid, on-time, and with interest. Of course, you would know that if you had actually read the report.
Contrary to the blathering of certain politicians, all of the lending programs established minimum interest rates and the terms of the loans. The Primary Dealer Credit Facility only made overnight loans and the interest varied from as low as 0.5% to 3.25%. The Term Auction Facility made loans for 28-day and 84-day periods. The interest rate for those loans varied from 0.25% to 4.65%.
As for loans to foreign banks and corporations, the law governing the Federal Reserve specifically allows those types of transactions. If Senator Sanders wants to complain about those transactions, he should probably read the law first. It wasn’t that the Federal Reserve did something it wasn’t supposed to do. It did exactly what was allowed by law. Since Congress wrote and enacted that law, it was Congress that allowed those transactions to happen.
See 12 USC 347c and 12 USC 347d
Finally, the Federal Reserve is independently audited every year. Those audits ARE complete financial audits. What Ben Bernanke and others opposed was releasing to the public the names of who borrowed and how much they borrowed. The independent audits do review those transactions to ensure that the reported outstanding amount shown on the balance sheet is accurate. Also, a risk assessment review is performed to ensure that the Federal Reserve follows its procedures for limiting risk. Ben Bernanke and others were not opposed to an audit, they were opposed to releasing names of those who borrowed for obvious reasons.