[peaceandlove]

"Audit Faults New York Fed in A.I.G. Bailout"

Posted by Andrew Ward on 11/17/09 11:23 AM

The New York Times reports that an audit of the Federal Reserve Bank of New York has revealed that the most influential regional reserve bank of the Federal Reserve System gave a "backdoor bailout" to A.I.G.'s banks. Neil M. Barofsky, the special inspector general for TARP, believes that "Tens of billions of dollars of government money was funneled inexorably and directly to A.I.G.'s counterparties." The story continues:

Mr. Barofsky said the facts also undermined the Fed's arguments that banking secrecy was an essential part of bank stability.

"The default position, whenever government funds are deployed in a crisis to support markets or institutions, should be that the public is entitled to know what is being done with government funds," he said.

Read the rest here: http://www.nytimes.com/2009/11/17/bu...g.html?_r=1&em

Audit the Fed here: http://www.campaignforliberty.com/ca...heFed-home.php

SOURCE: http://www.campaignforliberty.com/blog.php?view=28788




"Americans Deserve a Transparent Fed"

Posted by Matt Hawes on 11/18/09 7:50 PM

Be sure to check out this new op-ed from Congressman Ron Paul and Senator Jim DeMint in The Wall Street Journal.

For nearly a century the Federal Reserve has operated in the shadows, away from the prying eyes of Congress, journalists and the American people. Created in 1913, the Fed was given enormous responsibility to protect the value of our currency. Yet in the last 96 years the U.S. dollar has lost more than 95% of its purchasing power. The Fed's unprecedented actions over the past year in attempting to stabilize the financial system have now forced it into the spotlight, and caused millions of people around the country to question the opacity of the Fed's financial transactions....

Read the rest: http://online.wsj.com/article/SB1000...googlenews_wsj

SOURCE: http://www.campaignforliberty.com/blog.php?view=28895

ONE OF THE COMMENTS POSTED SO FAR:

Posted 11/18/09 10:58 PM

BruceKoerber
Cedar Rapids, IA Either the Federal Reserve will be audited by the GAO or it will finish what it started in 1913 - destroy the dollar.

Now this fits with what I thought was a revelation I had almost 3 weeks ago, that the plan to destroy the dollar was a 100 year plan, especially since the inception of The Fed was actually in 1912....100 years 2012! What do you think?


LETTER FROM SECRETARY OF THE
NATIONAL MONETARY COMMISSION
TRANSMITTING. PURSUANT TO LAW.
THE REPORT OF THE COMMISSION

LETTER OF TRANSMITTAL.
Washington, D. C, January 18, 1912.

To the President of the Senate:
In compliance with the law, I am directed by the
National Monetary Commission to file with you its report.

Respectfully,
Arthur B. Shelton,
Secretary

Excerpt:

It shall be the duty of this commission to inquire into and report to Congress, at the earliest date practicable, what changes are necessary or desirable in the monetary system of the United States or in the laws relating to banking and currency and for this purpose they are authorized to sit during the sessions or recess of Congress, at such times and places as they may deem desirable, to send for persons and papers, to administer oaths,
to summons and compel the attendance of witnesses. * * * The commission shall have the power, through subcommittee or otherwise, to examine witnesses and to make such investigations and examinations, in this or other countries, of the subjects committed to their charge as they shall deem necessary.

Complete Letter: http://llsdc.org/attachments/files/1...Doc-62-243.pdf




Critical Vote on Audit the Fed This Thursday!

Posted by John Tate on 11/18/09 7:26 PM

A few weeks ago, we sent out an alert that Representative Mel Watt was attempting to water down H.R. 1207 in the House Financial Services Committee.

The latest reports we have received have informed us that a vote on the Watt amendment could come tomorrow!

There's still time for us to stop this attack on Audit the Fed! Click here to get a full list of Financial Services Committee members, along with their contact information: http://www.auditthefed.com/house-fin...ittee-members/

Financial Services leadership seems determined to include Audit the Fed as part of a regulatory reform package instead of passing it as a standalone bill.

While C4L will still do everything in its power to fight for a standalone vote on Audit the Fed on the House floor, it is critical we challenge Watt's amendment in Committee.

It will become much easier for our representatives to claim they still support Audit the Fed on the House floor if the Watt version passes, when, in reality, Representative Watt's amendment puts restrictions on Government Accountability Office audits of the Fed.

For example, Watt's amendment prevents the GAO from auditing or reviewing decisions to authorize, modify, extend, or terminate loans or liquidity facilities.

Congressman Paul will offer an amendment in Committee restoring an audit of the Fed's entire $2 trillion balance sheet, but we have received word that some of the Democrat members may be waffling on their support for his amendment.

Help us turn up the pressure on these members! Below is the list of Democrats on the committee who have cosponsored H.R. 1207. Please call them and urge them to vote "Yes" on Ron Paul's amendment. Click on their names to get their web contact information.

Continues with contact information: http://www.campaignforliberty.com/blog.php?view=28891