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Clive Menzies
Posted: 03 December 2011 00:15:10(UTC)
#11

Joined: 24/06/2008(UTC)
Posts: 6
Robert, I came across this tonight and thought you'd be interested. I was unaware that Dodd/Frank imposed a one off audit on the Fed. If anyone is in any doubt that the banks control everything, this should concentrate the mind:
http://sanders.senate.go...-4be2-a753-62060dcbb3c3

The GAO audit report is available here:
http://www.scribd.com/do...tigation#outer_page_144

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Robert Court
Posted: 03 December 2011 09:16:56(UTC)
#12

Joined: 22/08/2011(UTC)
Posts: 606
The GAO report is a long document to wade through but its very nice that the FRBNY paid out hundreds of millions of dollars to third parties to arrange payments of almost zero rate loans to fourth parties - it must cost millions to write an IOU and press the button to speed the funny money electronically on its way.

The FRB kindly notes that it wil take into consideration the GAO's comments on conflicts of interest in a future crisis; that's probably bank speak for:

'Mind your own business and we have no intention of taking any notice as we have the power'
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