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Thread: The Fed is Audited

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    The Fed is Audited

    So, the Federal Reserve was finally audited.

    The Fed Audit - Newsroom: U.S. Senator Bernie Sanders (Vermont)

    The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression.
    The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.
    So, what do you guys think?
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    Re: The Fed is Audited

    I think the Federal Reserve, and its policies, need to be more transparent in general.

    Alan Greenspan once said, "If you understood what I said, I must have misspoke." We need to get rid of that bull****.
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    Re: The Fed is Audited



    I applaud you Mr. Sanders.

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    Re: The Fed is Audited

    Mr. Sanders hasn't "figured out" anything. It's been known since early June. Public knowledge for those who care to look.

    Primary Dealers List - Federal Reserve Bank of New York

    List of primary dealers:

    BNP Paribas Securities Corp. - foreign
    Barclays Capital Inc. - foreign
    Cantor Fitzgerald & Co.
    Citigroup Global Markets Inc.
    Credit Suisse Securities (USA) LLC - foreign
    Daiwa Capital Markets America Inc. - foreign
    Deutsche Bank Securities Inc. - foreign
    Goldman, Sachs & Co.
    HSBC Securities (USA) Inc. - foreign
    Jefferies & Company, Inc.
    J.P. Morgan Securities LLC
    MF Global Inc.
    Merrill Lynch, Pierce, Fenner & Smith Incorporated
    Mizuho Securities USA Inc. - foreign
    Morgan Stanley & Co. LLC
    Nomura Securities International, Inc - foreign.
    RBC Capital Markets, LLC - foreign
    RBS Securities Inc. - foreign
    SG Americas Securities, LLC - foreign
    UBS Securities LLC. -foreign

    Primary dealers serve as trading counterparties of the New York Fed in its implementation of monetary policy. This role includes the obligations to: (i) participate consistently in open market operations to carry out U.S. monetary policy pursuant to the direction of the Federal Open Market Committee (FOMC); and (ii) provide the New York Fed's trading desk with market information and analysis helpful in the formulation and implementation of monetary policy. Primary dealers are also required to participate in all auctions of U.S. government debt and to make reasonable markets for the New York Fed when it transacts on behalf of its foreign official account-holders.
    If theses banks are required to participate in all auctions of U.S. government debt, carry out your monetary policy and lend to your citizens...

    ...how can you not bail them out at all? That these banks repatriate some of the money is an entirely separate problem, and should be taken up in Congress. That's the government's fault for a moronic lack of oversight. But they were always going to get some of the bailout. They HAVE to. The Fed, as a lender, was doing its job.
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    Re: The Fed is Audited


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    Re: The Fed is Audited

    Quote Originally Posted by Mr. Invisible View Post
    So, the Federal Reserve was finally audited.

    The Fed Audit - Newsroom: U.S. Senator Bernie Sanders (Vermont)





    So, what do you guys think?
    I'd like to know why we need it.
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    Re: The Fed is Audited

    Quote Originally Posted by American View Post
    I'd like to know why we need it.
    Because without the Federal Reserve the federal government would have to borrow money from Idaho.

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    Re: The Fed is Audited

    Quote Originally Posted by American View Post
    I'd like to know why we need it.
    Without the Federal reserve, there's no one to control the discount rate, and no one to conduct open market operations of US treasuries.

    Essentially, there's no more national monetary policy.
    SWAGSWAGSWAGSWAGSWAGSWAGSWAGSWAG
    Quote Originally Posted by Josie
    Thanks for your awesomeness, Jeezy.

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    Re: The Fed is Audited

    The fact that the fate of the U.S. economic, its interest rates, and its currency are in private hands is simply outrageous.

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    Re: The Fed is Audited

    Quote Originally Posted by Jeezy View Post
    Mr. Sanders hasn't "figured out" anything. It's been known since early June. Public knowledge for those who care to look.

    Primary Dealers List - Federal Reserve Bank of New York

    List of primary dealers:

    BNP Paribas Securities Corp. - foreign
    Barclays Capital Inc. - foreign
    Cantor Fitzgerald & Co.
    Citigroup Global Markets Inc.
    Credit Suisse Securities (USA) LLC - foreign
    Daiwa Capital Markets America Inc. - foreign
    Deutsche Bank Securities Inc. - foreign
    Goldman, Sachs & Co.
    HSBC Securities (USA) Inc. - foreign
    Jefferies & Company, Inc.
    J.P. Morgan Securities LLC
    MF Global Inc.
    Merrill Lynch, Pierce, Fenner & Smith Incorporated
    Mizuho Securities USA Inc. - foreign
    Morgan Stanley & Co. LLC
    Nomura Securities International, Inc - foreign.
    RBC Capital Markets, LLC - foreign
    RBS Securities Inc. - foreign
    SG Americas Securities, LLC - foreign
    UBS Securities LLC. -foreign



    If theses banks are required to participate in all auctions of U.S. government debt, carry out your monetary policy and lend to your citizens...

    ...how can you not bail them out at all? That these banks repatriate some of the money is an entirely separate problem, and should be taken up in Congress. That's the government's fault for a moronic lack of oversight. But they were always going to get some of the bailout. They HAVE to. The Fed, as a lender, was doing its job.
    A lot of the banks you listed as foreign are no more foreign than Citi or JPM are, who also have big international divisions. I can go to half of their HQ in NYC within a 5 block radius.
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