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Documents are largely from what is referenced by interesting films, Prison Planet/Infowars and the Corbett Report. This database is a quick reference and for your analysis, more independent from others' interpretations. The database includes almost all source documents and articles from these films: Loose Change (Final Cut & 2nd Edition), Fabled Enemies, The Obama Deception, End Game, Martial Law 9/11, American Dictators, Matrix of Evil, Zeitgeist: Addendum, Who Killed The Electric Car?, The World According To Monsanto, Mind The Gap, and 7/7 Ripple Effect.
The Fed Audit 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. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said. (Bernie Sanders)
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed GAO to conduct a one-time audit of the emergency loan programs and other assistance authorized by the Board of Governors of the Federal Reserve System (Federal Reserve Board) during the recent financial crisis. This report examines the emergency actions taken by the Federal Reserve Board from December 1, 2007, through July 21, 2010. For each of these actions, where relevant, GAO’s objectives included a review of (1) the basis and purpose for its authorization, as well as accounting and financial reporting internal controls; (2) the use, selection, and payment of vendors; (3) management of conflicts of interest; (4) policies in place to secure loan repayment; and (5) the treatment of program participants. To meet these objectives, GAO reviewed program documentation, analyzed program data, and interviewed officials from the Federal Reserve Board and Reserve Banks (Federal Reserve System).
What GAO Recommends
GAO makes seven recommendations to the Federal Reserve Board to strengthen policies for managing noncompetitive vendor selections, conflicts of interest, risks related to emergency lending, and documentation of emergency program decisions. The Federal Reserve Board agreed that GAO’s recommendations would benefit its response to future crises and agreed to strongly consider how best to respond to them.
What GAO Found
On numerous occasions in 2008 and 2009, the Federal Reserve Board invoked emergency authority under the Federal Reserve Act of 1913 to authorize new broad-based programs and financial assistance to individual institutions to stabilize financial markets. Loans outstanding for the emergency programs peaked at more than $1 trillion in late 2008. The Federal Reserve Board directed the Federal Reserve Bank of New York (FRBNY) to implement most of these emergency actions. In a few cases, the Federal Reserve Board authorized a Reserve Bank to lend to a limited liability corporation (LLC) to finance the purchase of assets from a single institution. In 2009 and 2010, FRBNY also executed large-scale purchases of agency mortgage-backed securities to support the housing market. The table below provides an overview of all emergency actions covered by this report. The Reserve Banks’ and LLCs’ financial statements, which include the emergency programs’ accounts and activities, and their related financial reporting internal controls, are audited annually by an independent auditing firm. These independent financial statement audits, as well as other audits and reviews conducted by the Federal Reserve Board, its Inspector General, and the Reserve Banks’ internal audit function, did not report any significant accounting or financial reporting internal control issues concerning the emergency programs.
The Reserve Banks, primarily FRBNY, awarded 103 contracts worth $659.4 million from 2008 through 2010 to help carry out their emergency activities. A few contracts accounted for most of the spending on vendor services. For a significant portion of the fees, program recipients reimbursed the Reserve Banks or the fees were paid from program income. The Reserve Banks relied more extensively on vendors for programs that assisted a single institution than for broad-based programs. Most of the contracts, including 8 of the 10 highest-value contracts, were awarded noncompetitively, primarily due to exigent circumstances. These contract awards were consistent with FRBNY’s acquisition policies, but the policies could be improved by providing additional guidance on the use of competition exceptions, such as seeking as much competition as practicable and limiting the duration of noncompetitive contracts to the exigency period. To better ensure that Reserve Banks do not miss opportunities to obtain competition and receive the most favorable terms for services acquired, GAO recommends that they revise their acquisition policies to provide such guidance.
FRBNY took steps to manage conflicts of interest for its employees, directors, and program vendors, but opportunities exist to strengthen its conflict policies. In particular, FRBNY expanded its guidance and monitoring for employee conflicts, but new roles assumed by FRBNY and its employees during the crisis gave rise to potential conflicts that were not specifically addressed in the Code of Conduct or other FRBNY policies. For example, FRBNY’s existing restrictions on its employees’ financial interests did not specifically prohibit investments in certain nonbank institutions that received emergency assistance. To manage potential conflicts related to employees’ holdings of such investments, FRBNY relied on provisions in its code that incorporate requirements of a federal criminal conflict of interest statute and its regulations. Given the magnitude of the assistance (US Government Accountability Office)
Why is the Federal Reserve Propping Up the Bank of Libya? Vermont Senator Bernie Sanders has for months been leading the charge to expose the sweetheart deals the Federal Reserve has worked out for multinational banks and corporations at the same time that working Americans, small businesses, local governments and schools boards struggle to stay afloat financially.
Sanders has tried to make the point that it is simply absurd for the Fed to bail out foreign firms and bad banks and to provide them with low-interest loans at the same time that they are reaping massive profits – and at the same time that federal, state and local governments are supposedly broke. (The Nation)
Save Obama's presidency by challenging him on the left People who used to say, "Give President Obama more time" when the president was criticized for capitulating to the right, or who argued that Obama must have a plan to turn things around, are now largely depressed and angry. To many liberals and progressives, the president's unwillingness to veto any measure that includes continued tax relief for billionaires is the last straw, building on a record of spinelessness that includes his escalation of the war in Afghanistan, abandonment of a public option for health-care reform, refusal to prosecute those who tortured in Iraq or lied us into that war, and unwillingness to tax carbon emissions.
With his base deeply disillusioned, many progressives are starting to believe that Obama has little chance of winning reelection unless he enthusiastically embraces a populist agenda and worldview
soon. Yet there is little chance that will happen without a massive public revolt by his constituency that goes beyond rallies, snide remarks from television personalities or indignant op-eds.
Those of us who worry that a full-scale Republican return to power in 2012 would be a disaster not just for those hurting from the Republican-policy-inspired economic meltdown but also for the environment, social justice and world peace believe it is critical to get Obama to become the candidate whom most Americans believed they elected in 2008. Despite the outcome of last month's election, it is unlikely that the level of his base's alienation will register with the president until late in the 2012 election cycle
far too late for society today and our future tomorrow. (Washington Post)
Audit the Fed Amendment Modified – Allows Fed To Keep Secrets Ron Paul: “Bernie Sanders has sold out and sided with Chris Dodd to gut Audit the Fed in the Senate. His “compromise” is what the Administration and banking interests want: they’ll allow the TARP and TALF to be audited, but no transparency of the FOMC, discount window operations or agreement with foreign central banks. We need to take action and stop this!” (Ron Paul)
Federal Reserve Says Disclosing Loans Will Hurt Banks The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot (Bloomberg)
Don't Let Obama Put GMO Boosters in Charge of Food Safety! The only reason they're in our food supply is because government bureaucrats with ties to industry suppressed or manipulated scientific research and deprived consumers of the information they need to make informed choices about whether or not to eat genetically modified foods (Organic Consumers Association)
Fed’s Role in AIG May Be First Target of GAO Audit Congressional auditors may soon examine the Federal Reserve’s role in the U.S. bailout of American International Group Inc. after gaining authority to review Fed documents under a law that took force last week (Bloomberg)
RON PAUL: Audit the Federal Reserve, Then Abolish It I have been very pleased with the progress of my legislation, HR 1207, which calls for a complete audit of the Federal Reserve and removes many significant barriers towards transparency of our monetary system (Liberty News)
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