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.
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.
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.
The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
That kind of ruined my a.m. for now.
An epic lack of foresight, accuracy and rationale... https://www.tfmetalsreport.com/comment/170246#comment-170246
Banksters*: $16 trillion and counting
(does anyone believe that this "audit" is accurate, complete, honest)
Military-Industrial Complex: $5 trillion and counting
for the "War on Terror"**
The People***: "Austerity"
(social security -into which hundreds of millions of Americans have paid trillions of their wealth (via THREAT OF FORCE for noncompliance) is an "unfunded liability" - that's rich - real f'ing cute!)
*Austerity must begin with the Privately Owned "federal reserve", followed by the military-industrial complex; banksters, industrialists owe reparations; politicians have only one reamaining function - undo the illegal criminal mess they've created for their banker-masters.
** WoT is bogus - we've been had on this too!
(I loath "bragging", but as background on why I say enough on the bogus "WoT" is because I (proudly) servered 3 decades in Armed Forces - therefore IMO -I know well and call out a b.s. campaign ... Yes - it provides jobs to a limited portion of the nation; but provides massive profits to a very few elites (who control the show-from top to bottom -conflict of interest anyone?)).
Americans can and must do much better; time for defensive only military, with spending re-directed to a peace economy (sky is the limit on what we can do - besides blowing up things and people for the benefit of very few!).
Draft every single politician, talking-head media type, "captain" of industry, "special interest" lobbying organization (even if they're not American-based and especially if they are foreign citizens) - for front line service - every time they decide we shed blood for their "wars"!
***The only and real legitimate government - if they would only snap out of their zombie trance and take it back from the criminal co-conspirators in DC, States' capitols, municipal locales, ...
Anyone heard news coverage on this story? Anything from Ron Paul? Fox? Bueller?
It seems to me that this is a huge friggin' story........TARP was allegedly held to just under $1T, but it was really $16T. That's one whopper of a lie.
Anyone surprised? Really I'm only surprised that this information (if factual) was revealed in the first place.
This is nuckin' futs. Why do we even pay taxes anymore when they just print up all the money they need? Next year I'm just going to send in some ink and paper with my tax return and tell them to have at it.
Tweet it.. g+ it, write a linked-in comment.. blog it.. pass it..
It will eventually bubble up..
Time for all responsible to do the perp walk into life-sentence prison cells
Sad but not surprising. Well it is a surprise Goldman isn't at the top of the list.
When I get back to my computer I will check out the pdf. But does this also include qe2 which ZH already exposed a few months back?
This is'nt the end of it! the 600 trill or more derivative market has yet to be exposed properly! those of us in the know, know that this market is where some of the biggest fraud is taking place right now.
A least we have the names of all the crims! makes it easier for us to round them up when the time comes!
Thanks for reminding me about that.. I had almost forgotten about it since I first read about it on ZH. Makes this look like pocket change in comparison.
$16 Trillion to the banks - wow.
No wonder they continue to the suppression of Gold and Silver - it's free money they're using and the have a virtually unlimited supply.
At some point everyone will wake up and the Comex will no longer be a valid price discovery mechanism for the PMs.
For me - physical in my own grubby little hands will continue to be the only viable assault on this travesty.
This continued criminal and treasonous behavior that goes unchecked must come to an end! The day will come when a rope in the public square will be the only choice. There is NO accountability for the behavior, frankly it is encouraged by all participating in this game. They will continue to fleece the sheep until the consequence for the actions are demonstrated. I encourage everyone to unplug yourself from the system, pay only with fiat, after your taxes are paid invest your money in tangible assets that the government/banks (yes they are the same) cannot get their hands on, and most important, prepare to defend yourself and your family as I fear it will come to this.
Oh, and have a nice day!
$16 Trillion to the banks - wow.
Not to the banks RW, just to friendly banks.
Note, of the whole list, not a single bank from Russia, China, India, South America, Africa ...
Some banks get support, others don't.
And then we accuse Russia and China before the wto for being reluctant in applying free market laws