posted on Oct, 25 2011 @ 09:20 PM
Here is a great article via (I) Bernie Sanders the Vermont Congressman. The study required by a Sanders Amendment to last year's Wall Street reform
law examined Fed practices never before subjected to such independent, expert scrutiny.
Here are some excerts from the report and a link at the bottom of the post. We common folk should read this and then we will know that we must join
the "Occupy Wallstreet" movement. And for all of you Ron Paul lovers it will show the Ron Paul haters why he is the only person who will stop the
corruption at the FED.
from the Daily Bail article......
■Stephen Friedman - In 2008, the New York Fed approved an application from Goldman Sachs to become a bank holding company giving it access to cheap
Fed loans. During the same period, Friedman, chairman of the New York Fed, sat on the Goldman Sachs board of directors and owned Goldman stock,
something the Fed's rules prohibited. He received a waiver in late 2008 that was not made public. After Friedman received the waiver, he continued to
purchase stock in Goldman from November 2008 through January of 2009 unbeknownst to the Fed, according to the GAO.
■Jeffrey Immelt - The Federal Reserve Bank of New York consulted with General Electric on the creation of the Commercial Paper Funding Facility. The
Fed later provided $16 billion in financing for GE under the emergency lending program while Immelt, GE's CEO, served as a director on the board of
the Federal Reserve Bank of New York.
■Jamie Dimon - The CEO of JP Morgan Chase served on the board of the Federal Reserve Bank of New York at the same time that his bank received
emergency loans from the Fed totalling $390 billion, and was used by the Fed as a clearing bank for the Fed's emergency lending programs. In 2008, the
Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns. At the time, Dimon persuaded the Fed to provide JP Morgan Chase
with an 18-month exemption from risk-based leverage and capital requirements. He also convinced the Fed to take risky mortgage-related assets off of
Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.
Here is the link to the article and to the GAO report.
Daily Bail article
Sanders highlights of the GAO FED report
GAO report on the FEDGAO FED report
edit on 25-10-2011 by fnpmitchreturns because: form/spacing