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Fed engineered $16 trillion to bail our not only US but also foreign banks


Don Paul
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Bernie's Bombshell

(Snowflake, AZ) Oh oh, Senator Bernie Sanders (Vermont's lucky) has issued a major statement on how the Fed engineered $16 trillion to bail our not only US but also foreign banks. His website reports in part:

"The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study.

"As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.

For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed.

Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs. In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds.

One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest. To Sanders, the conclusion is simple. "No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed's board of directors or be employed by the Fed," he said. "

If this hasn't raised your blood pressure high enough, how about clicking over to the offishul GAO report which suggest that "...opportunities exist to strengthen polices and processes to manage emergency assistance..."

A nice way of explaining we've been screwed again by the privately controlled not really Federal Reserve and it's about the most disgusting account of financial raping and pillage as you'll find.

Yet, Congress, on the corporate dole, especially with the growing "throw the bastards out" cries increasing around the country, is unlikely to do anything more than weasel and waffle. But, come to think of it, why am I not surprised?

Gold star for Sanders for being forthright..bit he's got 99 colleagues left to work on....

Now to see how the financial universe REALLY works, couple in this next story...

TARP and the Great Circular Reference

We're all supposed to be happy as hell that banks are paying back their TARP money, right? All the hype and hoopla about what a grand and glorious thing this is just won't stop.

Except according to this article here, the way theses banks have paid back the 'right pocket' is by borrowing from the left!

You got it: Take TARP money, they borrow more money from the Fed, then pay back TARP (cue the spin machine to rerun Happy Days) and while the public attention is distracted, they borrow from el Fed and pretend the situation is fixed.

Ah, the foxes are still in the hen house just the same. But, I repeat myself too much. We need some financial Charmin to clean such bs happy talk up...

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Depressions are like enemas for the rich and it may be getting on time for one to clean up the malinvestment, now being papered over with promissory notes which indenture our children and their children, too....

Is repudiation of debt to manipulative dishonest scum a bad thing? A good ponder for the weekend, for sure.

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Got gold? More critical: Got a plan to click out with gains before it gets called this time around as it may be?

In Washington's Center Ring...

...meantime, we keep hearing about how compromise is close. Or not.

Much more useful than getting whipped up in the media frenzy is the Fact Check discussion of the federal budget mess.

It spending 24.1 percent of GDP against income of only 14.8 percent sustainable?

My, what math majors we've got looking after us in Washington.

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The FED is a PRIVATE ENTITY they are not accountable to anyone. They do What they Want when they want all in the name of creating debt for anyone who'll sign up because they make interest on every Dollar they print and they can print Dollars all year long. When those Governments or Banks default they'll own them without any risk at all. It's my opinion that most of the people in this country are Brain dead and will never push getting rid of the FED, but then again What can they do? The President and our Government are beholden to them. I'm no Bernie Sanders Fan but going after the FED has never amounted to a hill of beans, go ask Ron Paul who's been trying to audit the Fed for twenty years. Everything THIS country is going through was engineered by the Banking Elite. It's amazing what we've allowed the FED to do. I say GET RID OF THEM and manage our own money, but trying to get the government on the same page to get rid of them is nearly impossible. We've got to go back to a Hard currency system and get rid of this toilet paper they're printing :angry:

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