Frank Asks Bernanke to Probe Fed on Watergate, Iraq

Frank Asks Bernanke to Probe Fed on Watergate, Iraq

www.businessweek.com

House Financial Services Committee Chairman Barney Frank asked Federal Reserve Chairman Ben S. Bernanke to investigate allegations of Fed involvement in the Watergate scandal and Iraqi weapons purchases in the 1970s and 1980s.

Fed bank examiners in Atlanta failed to note $5.5 billion being funneled to Iraq from a local branch of an Italian bank, Auerbach, a critic of the central bank and former congressional economist, said in his book.

“The Federal Reserve’s ability to manage monetary pol

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The Federal Reserve under the chairmanship of Author Burns not only kept the Fed from getting entangled in the Watergate coverup, which the Fed’s actions had assisted, it allowed false statements about bills the Fed knew were issued by the Philadelphia Fed Bank to stand uncorrected. Blocking information from the Senate and House Banking Committees [letters shown in my book, Chapter 2] and issuing false information during a perilous government crisis imposed huge costs on the public that had insufficient information to hold the Fed officials accountable for what they had withheld from the Congress. Had the deception been discovered the Fed chairmen following Burns may have been forced to rapidly implement some real transparency to restore the Fed’s credibility.
www.house.gov...

For those wondering how all of this started please see this:
It all started when Ron Paul a few days ago was asking Bernanke about funds that the FED is covering up and Bernanke called these allegations Bizzare!

After Bernanke calling it bizzare, Ron Paul afterwards is on quite a quest to disprove them to be bizzare.





It is unclear whether Barney Frank is a good guy or not, personally I think he only co-sponsored Ron Paul's Audit the Fed bill for the sole purpose of watering it down.
The senate version is very watered down.




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You know, I don't care what anyone says, I think Ron Paul is a bad Ass. I hope he gets to be the one that calls the shots one day.

Stay the course Ron.. Stay the course!

reply to post by ModernAcademia


I love congressman Barney Frank. I would buy him a steak if I didn't think it would cost me fifty bucks.

FYI folks these are the kinds of things that we should be EXPECTING FROM our civil servants, not LAUDING them for.

Again, I love Barney Frank. I think he's as straight a shooter as a politician can truly be.


PS: I love that the folks behind him are trying not to laugh at how good Ron Paul is grilling that guy. And by that I mean, trying not to fall asleep in their seats. Poor guy, looks like nobody but us care that he's fighting the good fight in there.

[edit on 3-4-2010 by Loki]

[edit on 3-4-2010 by Loki]

This is a brilliant move by Congressman Paul. The Audit the Fed bill is still stuck in the senate, and the uncovering of a 20 year old scandal with the fed will light a fire under the senates behind to approve the bill and get it signed.