How's This For A Headline?
Federal Reserve Cannot Account for $9 Trillion
"The Federal Reserve apparently can't account for $9 trillion in off-balance sheet transactions.
When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed's expanded balance sheet, the IG didn't know.
Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.
"I am shocked to find out that nobody at the Federal Reserve is keeping track of anything," Grayson says.
Grayson asked Coleman if her agency had done any research into the decision not to save Lehman Brothers, which “sent shockwaves through the entire financial system,” Coleman said it had not.
“What about the $1 trillion plus expansion of the Federal reserve’s balance sheet since last September?” Grayson asked.
“We have different connotations,” Coleman replied. “We’re actually conducting a fairly high-level review of the various lending facilities collectively.”
Translation: Nobody at the Fed knows where the money went."
"The Federal Reserve apparently can't account for $9 trillion in off-balance sheet transactions.
When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed's expanded balance sheet, the IG didn't know.
Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.
"I am shocked to find out that nobody at the Federal Reserve is keeping track of anything," Grayson says.
Grayson asked Coleman if her agency had done any research into the decision not to save Lehman Brothers, which “sent shockwaves through the entire financial system,” Coleman said it had not.
“What about the $1 trillion plus expansion of the Federal reserve’s balance sheet since last September?” Grayson asked.
“We have different connotations,” Coleman replied. “We’re actually conducting a fairly high-level review of the various lending facilities collectively.”
Translation: Nobody at the Fed knows where the money went."
posted by nolocontendere at 10:40 PM
3 Comments:
The Bushites stole it. Duh?
Either Coleman is the stupidest human being on earth or there's something really wrong at the Federal Reserve.
Watching that video was painful. It's like having Sargent Schultz as the IG for the Federal Reserve.
lesson for humanity: those who control the wealth don't have to account for it.
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