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<h2><font size=4><b>Audit of the Federal Reserve Reveals $16 Trillion in
Secret Bailouts</b></font></h2><font size=3>Posted by <b>D</b> on July
21st, 2011<br>
<a href="http://www.unelected.org/audit-of-the-federal-reserve-reveals-16-trillion-in-secret-bailouts" eudora="autourl">
http://www.unelected.org/audit-of-the-federal-reserve-reveals-16-trillion-in-secret-bailouts</a>
<br><br>
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
(pictured to the left), 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.<br><br>
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.<br><br>
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.<br><br>
In late 2008, the TARP Bailout bill was passed and loans of $800 billion
were given to failing banks and companies. That was a blatant lie
considering the fact that Goldman Sachs alone received 814 billion
dollars. As is turns out, the Federal Reserve donated $2.5 trillion to
Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank
of Scotland and Deutsche Bank, a German bank, split about a trillion and
numerous other banks received hefty chunks of the $16 trillion.<br><br>
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<dl>
<dd>“This is a clear case of socialism for the rich and rugged,
you’re-on-your-own individualism for everyone else.” – Bernie
Sanders(I-VT)<br><br>
</dl>When you have conservative Republican stalwarts like Jim DeMint
(R-SC) and Ron Paul (R-TX) as well as self identified Democratic
socialists like Bernie Sanders all fighting against the Federal Reserve,
you know that it is no longer an issue of Right versus Left. When you
have every single member of the Republican Party in Congress and
progressive Congressmen like Dennis Kucinich sponsoring a bill to audit
the Federal Reserve, you realize that the Federal Reserve is an entity
onto itself, which has no oversight and no accountability.<br><br>
Americans should be swelled with anger and outrage at the abysmal state
of affairs when an unelected group of bankers can create money out of
thin air and give it out to megabanks and supercorporations like
Halloween candy. If the Federal Reserve and the bankers who control it
believe that they can continue to devalue the savings of Americans and
continue to destroy the US economy, they will have to face the
realization that their trillion dollar printing presses will eventually
plunder the world economy.<br><br>
The list of institutions that received the most money from the Federal
Reserve
<a href="http://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144">
can be found on page 131</a> of the GAO Audit and are as
follows..<br><br>
Citigroup: $2.5 trillion</b> ($2,500,000,000,000)<br>
Morgan Stanley: $2.04 trillion</b> ($2,040,000,000,000)<br>
Merrill Lynch: $1.949 trillion</b> ($1,949,000,000,000)<br>
Bank of America: $1.344 trillion</b> ($1,344,000,000,000)<br>
Barclays PLC (United Kingdom): $868 billion</b> ($868,000,000,000)<br>
Bear Sterns: $853 billion</b> ($853,000,000,000)<br>
Goldman Sachs: $814 billion</b> ($814,000,000,000)<br>
Royal Bank of Scotland (UK): $541 billion</b> ($541,000,000,000)<br>
JP Morgan Chase: $391 billion</b> ($391,000,000,000)<br>
Deutsche Bank (Germany): $354 billion</b> ($354,000,000,000)<br>
UBS (Switzerland): $287 billion</b> ($287,000,000,000)<br>
Credit Suisse (Switzerland): $262 billion</b> ($262,000,000,000)<br>
Lehman Brothers: $183 billion</b> ($183,000,000,000)<br>
Bank of Scotland (United Kingdom): $181 billion</b>
($181,000,000,000)<br>
BNP Paribas (France): $175 billion</b> ($175,000,000,000)<br>
and
<a href="http://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144">
many many more including banks in Belgium of all places</a><br><br>
View the 266-page GAO audit of the Federal Reserve(July 21st, 2011):
<a href="http://www.scribd.com/doc/60553686/GAO-Fed-Investigation">
http://www.scribd.com/doc/60553686/GAO-Fed-Investigation</a><br><br>
Source:
<a href="http://www.gao.gov/products/GAO-11-696">
http://www.gao.gov/products/GAO-11-696</a><br>
FULL PDF on GAO server:
<a href="http://www.gao.gov/new.items/d11696.pdf">
http://www.gao.gov/new.items/d11696.pdf</a><br>
Senator Sander’s Article:
<a href="http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3">
http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3</a>
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