Posted on 09/03/2012 6:14:52 AM PDT by opentalk
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.
...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.
What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest.
Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious –the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion.
The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration,....
Here’s the actual GAO report.
http://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144
After having seized every bit of their assets to pay this down.
When the hell are we going to wake up and hold them accountable?
The only way out of this is through a global collapse.
I personally would like to get through the tough times now so I can have a chance at seeing a brighter future in my old age.
$16 trillion does not seem possible. Somebody (lots of somebodies) have nice Swiss account by now and/or huge slush funds.
What it looks like to me is that these loans were actually IOUs given on the promise that generations of Americans will pay them off.
If that is even remotely true, our taxes can never ever go down because we’ll be forever paying off a debt that was created for no other reason than to create profit.
I recall being just a bit pi$$ed off back in '08 when, if I recall correctly, Bernanke received money with no questions asked to be used however he deemed fit without having to answer to anyone as to how is would be used.
We ALL knew what this would lead to and that it wouldn't fix a damn thing back then!
These people are outright criminals. This report should result in Congressional hearings and a decision to end the Federal Reserve. However, I am not holding my breath. There will crickets heard in Congress and nary a mention in the press. It’s only 16 trillion dollars secretly guaranteed by the US tax payer. That’s not important. What’s really important is that Rush Limbaugh said we should not have to pay for Sandra Fluke’s whoopie time-related health care expenses.
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
Not possible without ZIRP, which itself has us on a path to capital dislocation.
the optometrist office that my doctor retired from and a new philipino doctor took over received $20 million dollars because a minority physician tookover the business, American doctors need not apply.
VAN SUSTEREN, FOX News: People think of him as hawkish on the budget, on expenses, but he voted for TARP. He voted for the auto bailout, voted for two stimulus in ‘08, voted against the ‘09 — February ‘09 President Obama stimulus. How does — I mean, how does he explain those, or I mean, how does — politically, how does he sell that?
BOEHNER: I mean, I think that he's a practical conservative. He's got a very conservative voting record, but he's not a knuckle-dragger, all right? He understood that TARP, while none of us wanted to do it, if we were going to save — save our economy, save the world economy, it had to happen. I wish we didn't have to do it, either, but he understood that.
____________________________________________________________
We have gone from ‘compassionate conservatives’ to ‘practical conservatives’ I cannot wait to see what they have in store for US next.
I don’t see USAA on that list.
I didn’t expect to see it there.
The Fedtards that troll blogs to counter the 16 T theft claim that they were just overnight loans that were made over the course of a few years and that were paid back the next day, but apparently that is not the case. You have to hypothecate a lot of American lives, property and labor to pay off a credit card like that.
I say that because I want a better world for my unborn grandchildren.
” I place economy among the first and most important virtues and public debt as the great danger to be feared. To preserve our independence, we must not let our leaders load us with perpetual debt. We must make our choice between economy and liberty, or profusion and servitude.” Thomas Jefferson
The report was issued in July 2011. It is not new.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.