Enjoy an Ads-Free Jets Insider - Become a Jets Insider VIP!
Results 1 to 8 of 8

Thread: The Fed Audit: $16,000,000,000,000.00 had been secretly given out......

  1. #1
    All Pro
    Join Date
    Aug 2004
    Posts
    6,893
    Post Thanks / Like

    The Fed Audit: $16,000,000,000,000.00 had been secretly given out......

    The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression.

    An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

    Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

    The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.

    For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs.

    In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds. One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest.

    To Sanders, the conclusion is simple. "No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed's board of directors or be employed by the Fed," he said.

    The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.

    The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.

    A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."
    To read the GAO report, click here.

    http://www.sanders.senate.gov/newsro...3-62060dcbb3c3

  2. #2
    All League
    Join Date
    Nov 2004
    Posts
    3,565
    Post Thanks / Like
    Wasn't it a DEMOCRAT president that approved the fed?? the party of the people????

  3. #3
    All Pro
    Join Date
    Aug 2004
    Posts
    6,893
    Post Thanks / Like
    Quote Originally Posted by acepepe View Post
    Wasn't it a DEMOCRAT president that approved the fed?? the party of the people????
    There is only ONE Party. End the FED NOW!!!!

    These bankers need to be arrested. Printing money and then handing it out their buddies.That is enough money to pay off the deficit.

    Here is the PDF of this PARTIAL report:
    http://www.sanders.senate.gov/imo/me...estigation.pdf

    FASCISM at it's worst

  4. #4
    All League
    Join Date
    Aug 2008
    Location
    cape coral fl.
    Posts
    2,693
    Post Thanks / Like
    the worst trait of a human being is greed.
    it corrupts absolutely.
    this is yet another example of it.

  5. #5
    All Pro
    Join Date
    Aug 2004
    Posts
    6,893
    Post Thanks / Like
    Citigroup: $2.5 trillion ($2,500,000,000,000)
    Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
    Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
    Bank of America: $1.344 trillion ($1,344,000,000,000)
    Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
    Bear Sterns: $853 billion ($853,000,000,000)
    Goldman Sachs: $814 billion ($814,000,000,000)
    Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
    JP Morgan Chase: $391 billion ($391,000,000,000)
    Deutsche Bank (Germany): $354 billion ($354,000,000,000)
    UBS (Switzerland): $287 billion ($287,000,000,000)
    Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
    Lehman Brothers: $183 billion ($183,000,000,000)
    Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
    BNP Paribas (France): $175 billion ($175,000,000,000)

  6. #6
    All League
    Join Date
    Aug 2008
    Location
    cape coral fl.
    Posts
    2,693
    Post Thanks / Like
    hey jet dawg what if any is your take on gary johnson??? he is running on the libretarian ticket.

  7. #7
    All Pro
    Join Date
    Aug 2004
    Posts
    6,893
    Post Thanks / Like
    Quote Originally Posted by neevsmazda07 View Post
    hey jet dawg what if any is your take on gary johnson??? he is running on the libretarian ticket.
    He is not Dr. Ron Paul. Let's end the FED!!!!

  8. #8
    All League
    Join Date
    Aug 2005
    Posts
    3,425
    Post Thanks / Like
    nothing to see here...keep voting for D's and R's as if that will actually change the fact that the private banks own the government due to their control of the money creating powers in this country

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Follow Us