Govt Bailouts - Did they Lie?

Subject: Government Bail outs; money wasted, money to foreign countries
 
The first ever GAO (Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning



What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland.



From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments.



The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest.



Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.



To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion.



The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion.



The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion.



Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.



The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..


1
Citigroup:
$2.5 trillion

2
Morgan Stanley:
$2.04 trillion

3
Merrill Lynch:
$1.949 trillion

4
Bank of America:
$1.344 trillion

5
Barclays PLC (UK):
$868 billion

6
Bear Sterns:
$853 billion

7
Goldman Sachs:
$814 billion

8
Royal Bank of Scotland (UK):
$541 billion

9
JP Morgan Chase:
$391 billion

10
Deutsche Bank (Germany)
$354 billion

11
UBS (Switzerland)
$287 billion

12
Credit Suisse (Switzerland)
$262 billion

13
Lehman Brothers
$183 billion

14
Bank of Scotland (UK)
$181 billion

15
BNP Paribas (France)
$175 billion

16
many more, Belgium of all place
 


Trillion 10 12
1000 x 1000 x million

Billion 10 9
1000 x million

Million 10 6
1000 x 1000

USA population
0.3 billion







--------------------------------------------------------------------------------

Oops!  Did they lie?




My personal comments: Loans between December 2007 and June 2010 that would be during both the Bush & Obama administrations.When the public finds this out they will be very angry that were paying a lot of our debt because of foreign borrowing and yet the current administration wants to raise taxes. If taxes are raised the gov’t will just waste the money as they have in the past.

Vote all incumbents out of office in the next elections, please.


266-page GAO audit Federal Reserve (July 21st, 2011):

http://www.scribd.com/doc/60553686/G...-Investigation



http://www.gao.gov/products/GAO-11-696



http://www.gao.gov/new.items/d11696.pdf



Senator Sander’s Article:

http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3



http://www.unelected.org/audit-of-the...secret-bailouts