It's been SIX months since this broke , and look how quiet it's been kept!
More than $4 trillion in near zero-interest Federal Reserve loans and other financial assistance went to the banks and businesses of at least 18 current and former Federal Reserve regional bank directors in the aftermath of the 2008 financial collapse, according to records made public by Sen. Bernie Sanders. I don't see the rest of the Senate posting anything!
<<A Sanders provision in the Dodd-Frank Wall Street Reform Act required the Government Accountability Office to investigate potential conflicts of interest. The Oct. 19, 2011 report by the non-partisan investigative arm of Congress laid out the findings, but did not name names. >>
SANDERS DID! See the full disclosure by Sanders here:
THE FED FEEDS ITS OWN
<<"This report reveals the inherent conflicts of interest that exist at the Federal Reserve. At a time when small businesses could not get affordable loans to create jobs, the Fed was providing trillions in secret loans to some of the largest banks and corporations in America that were well represented on the boards of the Federal Reserve Banks. These conflicts must end," Sanders said.
The GAO study found that allowing members of the banking industry to both elect and serve on the Federal Reserve's board of directors creates "an appearance of a conflict of interest" and poses "reputational risks" to the Federal Reserve System.
In Dimon's case, JPMorgan received some $391 billion of the $4 trillion in emergency Fed funds at the same time his bank was used by the Fed as a clearinghouse for emergency lending programs.>>
<<“At a time when small businesses could not get affordable loans to create jobs, the Fed was providing trillions in secret loans to some of the largest banks and corporations in America that were well represented on the boards of the Federal Reserve Banks,” adds Mr. Sanders. “These conflicts must end."
Sanders on May 22 introduced legislation to prohibit banking industry and business executives from serving as directors of the 12 Federal Reserve regional banks.>>
Do follow the link "legislation" above! You'll find this stated in that document:
"'The Federal Reserve System does not publicly disclose when it grants a waiver to its conflict of interest regulations.'"
It grants WAIVERS to commit fraud against the American people, to bail out its own board members? We couldn't get away with that! WHY should the FED?
Will Congress regulate the FED after this?
ha ha ha ha ha!
No! NOT UNLESS WE, THE PEOPLE MAKE THEM!
I think that whoever called those shots, to pump TRILLIONS to their own, should be prosecuted and serve jail time! I mean, at the height of the financial crisis that crippled our economy and gave us rampant unemployment and home foreclosures for those unable to receive assistance, the FED was taking care of their banker buddies? Doesn't that tell us what's been going on all along? This is just more of the same!
Sen. Sanders’ released report summarizes the information published by the GAO in that four page document hosted on his website:
[Find his website here: http://www.sanders.senate.gov/newsroom/news/?id=3cbb0ca8-b025-406a-a669-aa89bec0b4e4]
<<“Jamie Dimon, the Chairman a CEO of JPMorgan Chase, has served on the Board of Directors at the Federal Reserve Bank of New York since 2007,” the report mentions. “During the financial crisis, the Fed provided JPMorgan Chase with $391 billion in total financial assistance. JPMorgan Chase was also used by the Fed as a clearinghouse for the Fed’s emergency lending programs.”>>
TALK ABOUT CONFLICT OF INTEREST!
One year later, the report notes, the Fed handed Dimon’s bank ANOTHER $29 billion to help acquire Bear Stearns. In the case of General Electric’s Immelt, Sanders recalls that the Fed handed over $16 billion in low-interest financing to GE during the five-year span that the company’s CEO sat on the Federal Reserve’s board of directors.>>
Other Fed members that benefited by the bailout include officials at the top of Citigroup, Lehman Brothers, SunTrust Banks and PNC, among others.
IS THAT OKAY WITH YOU? DO YOU THINK THAT'S JUST WONDERFUL?
IF NOT, TELL YOUR ELECTED FAILURES TO AUDIT THE FED, AND REGULATE IT TO THE MAX!
PROSECUTING THE FED FOR THIS WOULD SURE BE NICE TO SEE, EH?
Representatives Ron Paul of Texas, and Alan Grayson of Florida (I am SO glad he's back on the Hill) have grilled the FED time and time again...These two videos show what ALL Congressmen should be doing. I think almost all the rest must lack the intestinal fortitude to do so. After all, Congress isn't called the HARLOT OF WALL STREET for nothing!
GO GET 'EM, TIGERS! WELL DONE, VERY WELL DONE!