Fed "loses" trillions, and I didn't even get no lousy t-shirt!
Posted by Scott "The Piper" St. Clair - May 13, 2009For a long time I've contended that trying to keep tabs on how much money has gone down the bailout rat hole is a fool's errand. I now have proof.
At a recent Congressional hearing, Federal Reserve Inspector General Elizabeth Coleman, under questioning by Rep. Alan Grayson, D - Florida, was unable to account for $9 trillion (that's TRILLION with a "T") in off-balance sheet transactions. You have watch the video several times in order for the wretched significance of this to sink in. Reading the Newsmax story that refereces the clip helps add context as it translates much of the bureaucratic goobledygook into plain English.
The Fed loses $9 trillion, and ain't nobody gettin' in no trouble no how other than being made to feel uncomfortable for a few minutes during a hearing. OK, OK, OK...add the public embarrassment of the video, but who'll remember tomorrow?
What I do remember, however, is the classic movie It's a Wonderful Life where George Bailey almost gets sent to prison
because his goofy Uncle Billy misplaced a lousy $5 thousand at nasty old Mr. Potter's bank. Remember? Disgrace, shame, humiliation, ruin, scandel, a warrant for his arrest, and a suicide attempt were George's fate all on account of what is now probably not much more or less what the Fed spends on executive lunches in a week.
because his goofy Uncle Billy misplaced a lousy $5 thousand at nasty old Mr. Potter's bank. Remember? Disgrace, shame, humiliation, ruin, scandel, a warrant for his arrest, and a suicide attempt were George's fate all on account of what is now probably not much more or less what the Fed spends on executive lunches in a week.Like, what's the deal??? Did Fed Chairman Ben Bernanke already get his bling from Clarence the angel? And it's, like, a complete pass? If so, where do I sign up? Dude...just gimmee one-half of one percent of the $9 Trillion, and you'll never hear from me again...promise. What's $45 billion among friends, eh what?
Then I could party like this...
The Fed, not friends, could make me the richest man in town...
The Piper
Thoughts? Add Comment -
Dan Cathers said on May 13 2009 at 10:10pm
In the video of the congressional testimony there are people seated behind the IG who is answering questions. At the 1:56 min mark the IG has been answering questions ineffectively and a woman behind her leans forward to tell her something. The questioner finishes his question about Trillions of off-balance sheet transactions. The IG's response is very interesting. Listen starting at 2:10 min and try to cut through the bureaucratic double-speak. It appears that her answer is basically that they have no authority to investigate the activities of the Bank, only the Board of Governors.