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Originally posted by whatukno
Too bad this is political masturbation.
Some harsh words will be exchanged between the fed and lawmakers and in the end nothing will come of it as usual.
Originally posted by marg6043
Don't hold your breath too much this smells like political play for the enjoyment of an increasing very angry mob within this nations citizens.
I can imagine the opening statement with Bernanke,
(Congressional inquiring)----How are you doing today Mr. Bernanke?----
(Bernanke) ----I am still working to save the economy as you all know----
(Congressional butt kissers) ---- Yes we know and you are doing such a great job we are forever (indebted) to you, and so the tax payer.
But not to worry this just off the record, we need to keep the masses occupied you know so just go alone with the show.
The lawmakers' subpoena comes after claims that top government officials pressured Bank of America Corp. CEO Ken Lewis to complete the bank's purchase of Merrill Lynch, threatening his job security. Lewis has testified that he had been advised by the officials, former Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, not to disclose details of Merrill Lynch's difficult financial position, according to New York State Attorney General Andrew Cuomo
Wednesday, June 10, 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.
A subpoena (pronounced /səbˈpiːnə/ or pronounced /səˈpiːnə/) is commonly defined as a written command to a person to testify before a court or be punished.
More accurately, a subpoena is the conditional threat of punishment made by a governmental authority. It is attached to a command, so that if the recipient does not do as commanded then he may be punished. Subpoenas are associated with common law legal systems.
There are two common types of subpoenas:
* A subpoena ad testificandum orders a person to testify before the ordering authority or face punishment.
* A subpoena duces tecum orders a person to bring physical evidence before the ordering authority or face punishment.
Originally posted by Tentickles
Benanke needs a swift kick in the butt anyway, guy pretty much ruined our entire economy. Not to mention took a sledge hammer the the rest of the worlds, breaking of 2 out of 4 support beams that are holding the world out of the flood waters.
Originally posted by Extralien
Politics is politics. Giving the Fed (not political) a subpoena (a legal demand) should not be confused with politics even if a government issued it.