GAO Report: Federal Reserve Is Riddled With Corruption

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

Thanks for the information.

You know I have to admit, the Government Accountability Office could be a good thing. I just wish we used it more often.

The Government Accountability Office (GAO) is the audit, evaluation, and investigative arm of the United States Congress. It is located in the legislative branch of the United States government.

link

Sad thing is, even though we have a GAO, our whole nation is still going broke.

Time to end The Fed and end the corrupt Federal Reserve.

reply to post by muzzleflash


The problem with the GAO is that it's severely underfunded and cannot exercise it's true potential. Especially when a GAO report and audit conflicts with that of what The Federal Reserve is saying or wants.

Can't really say this is news of any sort, but more people sure need to understand what goes on at the Fed to realize that it is a complete farce.

Originally posted by TheImmaculateD1
reply to post by muzzleflash

 

The problem with the GAO is that it's severely underfunded and cannot exercise it's true potential.

The problem with the GAO is that it is just another useless Government entity with no real power. But at least it makes it look like something is being done...

If you a hammer come down (multiple actually), perhaps faith might be restored in the system.

reply to post by boncho


It's being intentionally being choked out and underfunded because the GAO technically and legally goes above The Federal Reserve but if the Fed constantly runs interference on the GAO the GAO's true power and potential will never be realized.

It is not useless as it serves as an independent accounting firm who answers only to the White House and does not answer to The Congress! Defund and limit it and it can never realize what it was chartered to do, be the watchdog that watches over how money is being spent and allocated.

The Fed's currently got a muzzle on it's snout, allow the muzzle to come off and watch out.

It's like I tell you, I grant you the authourity to watch what I do but you can only move on things I approve of means I'm hindering you from out the gate.

reply to post by boncho


Never before has the FED had to show regulators what they are doing. In the dark corners of our monetary system the banksters have been raping the American taxpayer and killing real capitalism with their insider access and crony capitalism.

sunshine laws should apply to the FED and they don't .......

Here is a question I have too... I once went into the US Treasury website and saved off a list of the deb paid and owed..... Think of it like this...... When and what T-bonds come due and what is paid out... that is a very interesting paper ..... I'll try to post it.

I read GAO reports all the time they crank out these completely honest unbiased reports that NOBODY in the goverment reads

when they do a report they also include recommendations on what the remedy for the corruption that they report is .

again NOBODY in political office reads this stuff,it's like they don't even know there is a GAO

Restructure the GAO to be independent from The Executive, Legislative and the Judicial and have them issue say, 12 - 30 day long polls posted on various news agencies, social media sites and let the people determine what the GAO can and can't do and when you take the polls direct to the people the true power and potential of the GAO can then be realized!

Sunshine is the ultimate sanitizer that will cure the FED or end it. The conspirators are scared that when the truth is exposed the gig will be up and the people will come for their heads.....

a full audit of the FED is a necessary and all emails should be made public......

reply to post by fnpmitchreturns


So when do the prosecutions start??

I don't think I'll hold my breath while waiting.

Great! So now we can read on paper the criminal activity of the Fed. The awesome conflicts of interest which are really nothing new. In the end just putting it out in a report will all it will amount to being unfortunately.