Skip to comments.STUNNING! First Audit Results In The Federal Reserve’s Nearly 100 Year History
Posted on 09/03/2012 4:59:19 AM PDT by wesagain
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.......
(Excerpt) Read more at sanders.senate.gov ...
The list of institutions that received the most money from the Federal Reserve can be found on page 131of the GAO Audit and are as follows..
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) and many many more including banks in Belgium of all places
this needs to be front page news
Now THIS should be the headline news this morning, but not even Fox has mentioned this looting of our children’s and grandchildren’s future.
Where in the world do people like Bernanke get the idea that we can loan $16 TRILLION to banks around the world when we are broke and are financed by Chinese Communists? This is truly insane.
I keep seeing this posted on Facebook. Reading the article from there this occurred in 2011.
What’s up with that?
Check the date of the article.
Are we playing China economics or are these "free" loans?
After all, WE have to pay China back with interest!
It’s bizarre that the one Socialist in Congress is trying to do the marketplace integrity restoration work that the Republican majority was elected to do.
I saw the date..but havnt heard much about it in media..
Yeah I asked the question about this yesterday. Unfortunately it includes both democrat and republican administrations so no body wants to talk about it.
In my opinion, these loans were effectively IOUs given with the promise that the American people would pay them off.
and therefore it is determine ... the federal reserve is as intelligent and competent as congress. Since the executive department is also as competent, the supremes must be equally as competent. Lots of work to do FRiends.
Interesting. But if Bernie Sanders told me the sun came up, I’d still want to look out the window to verify it for myself.
My question is, how much of this was laundered back to members of the Regime? This may be the largest crime in the history of the world.
“The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street.”
Typically, self-described socialist Sanders is not outraged by the behavior he uncovered, he just wants money to “spread the wealth”.
Maybe you should be asking why we have to find this out from an avowed socialist because the media nor the republicans appear to have the courage to talk about it.
Yes dalebert - you are among the few that get it! Please help me spread this story everywhere. All this talk about Bush’s spending or Obama’s spending is BS none of it matters..... here the fed prints 16 TRILLION DOLLARS and gives it away like popcorn never to be repaid to the American people! Sirens should be going off day and night!
Here is the actual GAO report.
Very interesting (yes, I glanced at the entire report). Thanks for posting.
Socialism Is Legal Plunder - “The Law”; Frederic Bastiat 1801-1850
DEFUND socialist collectives, foreign and domestic.
DISMANTLE domestic socialist programs.
DEPOPULATE socialists from the body politic.
“But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.” Bastiat, “The Law”
“Then abolish this law without delay, for it is not only an evil itself, but also it is a fertile source for further evils because it invites reprisals. If such a law which may be an isolated case is not abolished immediately, it will spread, multiply, and develop into a system.” Bastiat, “The Law”
“Do not listen to this sophistry by vested interests. The acceptance of these arguments will build legal plunder into a whole system. In fact, this has already occurred. The present-day delusion is an attempt to enrich everyone at the expense of everyone else; to make plunder universal under the pretense of organizing it.” - Bastiat, “The Law”
Live as low-taxed, prosperous citizens in a nation that law is used for its proper purpose.
“It is evident, then, that the proper purpose of law is to use the power of its collective force to stop this fatal tendency to plunder instead of to work. All the measures of the law should protect property and punish plunder.” - Bastiat, “The Law”
Eliminate the default vehicle for plunder. Eliminate the FED.
live - free - republic
My thoughts exactly! This doesn't make any sense at all, but there it is, right on his website!
Why in the world aren't conservatives screaming about this!!!!????
I’ve been saying for a while that the reason we can’t use our own resources is because they’re either collateral or they’ve already been sold.
The Federal Reserve Bank is not a Federal agency but a privately owned corporation. This is the fundemental problem with the federal reserve bank. We, as a nation, are in debt to the amount of approx 16trillion dollars. The Federal Reserve bank bascially just gave away 16 trillion dollars that they accumulated by running our treasury. If the government ran it directly, one could conclude that we wouldn’t be in debt. Further one could make the arguement that if the Federal Reserve hadn’t existed in the first place that the course of government growth wouldn’t have occured.
I didn’t realize that there had been an audit of the FED. How is it possible that all of the GOP best and brightest and everyone else have missed this???
Because the GOP candidates don’t want to take on the Fed.
Because so much of the GOP establishment has invested so much time and effort in labeling Ron Paul as a “nutjob” and Ron Paul has been the only GOP candidate calling out the Fed, the GOPe has decided that no one shall question the Fed... because doing so is what makes one a nutjob.
Interesting point, ‘creek. Thanks.
You just might be right on the money.
Makes me wonder about the state and federal land grab going on right now as well.
Because many are being conned into attacking the likes of Todd Akin for an inadvertent comment when the truth he is probably being singled out for defeat because he voted for this audit of the FED.
How much of this money has filtered its way back into Rove's Crossroads GPS???
“Where in the world do people like Bernanke get the idea that we can loan $16 TRILLION to banks around the world when we are broke and are financed by Chinese Communists? This is truly insane.”
Most cover-ups go over the line into unreality. An expectable crash began not long ago and they, in their terror, MUST believe that it is fixable. None of that mone “lent” actually even exists anywhere.
We may have to make a "new dollar" and start over after all the damage the leftist have done to us.
I’m sure you are right.
Rove needs to go......
The graph on page 137 appears to show that all of the loans have been repaid. That seems hard to believe.. The big question, is how many billions did the create out of thin air to cover the losses that it did have.
I don’t know if this was a full audit of the Fed, or just an audit of the loans (money created out of thin air) they made to various institutions during the financial crisis.
And didn’t Ron Paul continue his calls for an audit of the Fed all during the presidential primaries of 2011 and 2012? I think he did, plus probably introducing more bills requiring an audit.
They dont even know what happened to it after they gave it away...well somebody does. that money went somewhere.
” makes me wonder about state and federal land grabs” ...yes it does make us wonder.
To put that in perspective, the total value of all residential mortgages in the U.S. is around $14 trillion. For that money the Fed could have paid off every home mortgage in the country and still had enough left over to give every man, woman, and child in the country a check for $6,000.
You're right. And notice how this doesn't have anything to do with capitalism. It's all about government-subsidized corporate welfare.
Ultimately, it's just highway robbery of the American People, willingly permitted by all branches of our government.
It's the kind of mindless criminal bullshit which is used by marxists and socialists to seduce people into embracing false, freedom-robbing solutions, when all we really need to do is STOP the counterproductive, runaway subsidization of both corporations and the People, and put the criminals who have done this behind bars...
As you indicated.....it’s all a matter of perspective.
As in the investigstion of Jon Corzine at MF Global - when it’s all said and done they don’t have enough info to indict anyone. They can’t figure out where over a billion dollars went. Someone placed the orders and someone’s accounts were increased. And they don’t know nuttin! Yet the IRS seems to be able to figure out where you hid 3 dollars in 1997. It’s all BS!
It’s not bs...It’s stealing from taxpayers.
And that’s not BS?
YOu r right..
I see that Faux News is ignoring this story. Guess they don’t want to embarass TARP approving Romney and Ryan.
yup..they dont want anything to spoil it for Obama..Might be good article for national enquierer..The are a lot more honest than Faux News or the others.
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