GAO Fed Audit report, 266 pages, July 2011

InYHWHWeTrust

The Fed Audit Report

google to find your own interpretations if you don't want to read it all yourself...

The FED 'loaned' 16 trillion out December2007 through June 2010, 0%, ?repayment plan. ?authority to do this?

page 131:

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and others....

we'll see what effect this report has on PMs, or already common knowledge and cooked into the current levels.

Happy Labor Day

derryb

another troubling revelation is the conflict of interest between fed officials and recipients of the $16T. No wonder the FED fights audits.

RevDrBlimber

The first "audit the FED" bill went through a while back, I don't know why the Audit the FED group is still pushing so hard saying the FED has never been audited.

Some comments over at the legal site, Quatloos are interesting:


End the Fed/Audit the Fed

Postby Number Six » Fri Jun 15, 2012 5:49 pm
Wikipedia has an article on the long history of opposition to the Federal Reserve: http://en.wikipedia.org/wiki/Criticism_ ... al_Reserve

Ron Paul's "audit the Fed" statements or "End the Fed" book have been addressed here.


"As others have already pointed out, the Fed is independently audited by one of the big public accounting firms. For the past few years, that has been Deloitte and before that is was PriceWaterhouse Coopers. These independent audits are required by law (see 12 USC §248b ) The independent audits are a part of the Federal Reserve's annual reports to Congress. Obviously, these reports have been viewed by Ron Paul. ETA: The annual reports for the last several years are available online at the Federal Reserve Board of Governors website

"As Demo has pointed out, the GAO also performs audits of the Federal Reserve though these audits are restricted by the FOUR limitations in 31 USC 714. Some of those restrictions (deliberations, discussions, communications, etc.) wouldn't normally be a part of an audit anyway, though there are instances where such things would be considered."
http://www.quatloos.com/Q-Forum/viewtopic.php?f=11&t=8515

roadrunner

That information came out many months ago and had little to no effect on PMs. The reported $16 TRILL counts all transactions. Since many of these loans were continually
renewed on a weekly or monthly basis, those would get counted 52X or 12X until the loan was canceled/repaid. The true amount might be only a couple of trillion. Still, not
chicken feed.

OPA

I have no idea how they calculated that 16 trillion figure...below are the TARP money stats.




926
Recipients

$603.8B
Total disbursement

$319.1B
Total returned

$87.5B
Total revenues from dividends, interest, and other fees

$-197.1B
Total net to date


Link..bail out money