http://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144
SEE PAGE 131
GAO Fed Investigation
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Showing posts with label lies. Show all posts
Showing posts with label lies. Show all posts
Thursday, September 29, 2011
The Fed's $16 Trillion Bailouts Under-reported
Image by telmo32 via Flickr
The media’s inscrutable brush-off of the Government Accounting Office’s recently released audit of the Federal Reserve has raised many questions about the Fed’s goings-on since the financial crisis began in 2008.
The audit of the Fed’s emergency lending programs was scarcely reported by mainstream media – albeit the results are undoubtedly newsworthy. It is the first audit of the Fed in United States history since its beginnings in 1913. The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for “financial assistance” during and after the 2008 fiscal crisis.
Sen. Bernie Sanders (I-VT) amended the Wall Street Reform law to audit the Fed, pushing the GAO to step in and take a look around. Upon hearing the announcement that the first-ever audit would take place in July, the media was bowled over and nearly every broadcast network and newspaper covered the story. However, the audit’s findings were almost completely overlooked, even with a number as high as $16 trillion staring all of us in the face.
Sanders press release, dated July 21st, stated:
“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.”
The report serves as a clear testimony of the Fed’s emergency action plan to bailout foreign corporations and banks in a time of crisis, but the GAO reportdoes not berate the Fed; rather, it provides a lucid explanation of where the money was allocated and why.
According to The Washington Post, “The GAO report did not condemn the Fed’s actions, it simply illuminated them. The GAO also recommended that the Fed make clearer and more rigorous its policies for hiring independent contractors to manage investment programs.”
A wider investigation of the Fed is due on October 18th, which will provide more thorough details. The GAO report said that the Fed issued “conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.” The audit will inspect the “conflicts of interest” and the inner-workings of the Fed’s emergency-lending programs.
For Sanders, one thing is clear: “The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street.”
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Friday, July 15, 2011
News Corp's profits
Rebekah Brooks and News's books
Jul 15th 2011, 13:58 by The Economist online
A look at where News Corp makes money might explain why phone hacking at the News of the World was not given the attention it deserved
REBEKAH BROOKS resigned as chief executive of News Corporation on July 15th, taking the advice offered to her in this week's print edition. As the chart below shows, the challenge for News Corp now is to prevent the stink from phone hacking at the News of the Worldspreading to the parts of the business that make most of the company's money. For while Rupert Murdoch is a newspaper man first and a television and film mogul second, newspapers made up just 13% of the company's profits in the year to June 2010.
Wednesday, July 6, 2011
Our "friend" Tom Emmer. Come CLEAN, Tom. Come Clean.
For a linked version of this description, visit
Back in February, Jeff Severns Guntzel took a look at some 2010 data about Lobbying the Legislature: Who's spending what?
An interesting question.
If you listen to registered lobbyist and unsuccessful 2010 Republican gubernatorial candidate Tom Emmer speaking last Saturday, you'd think it was only groups wanting to fund public programs who lobbied. Certainly not him. And certainly not his corporate friends.
But Guntzel found that: All told, lobbying organizations reported spending close to $11 million dollars in 2010. At nearly $1 million, Minnesota Business Partnership spent more money than any other organization working to influence legislative action, which can include action by committees, subcommittees, resolutions, nominations, appointments, and even gubernatorial response to a bill. The Minnesota Chamber of Commerce comes in a close second at $918,000...
Via MN Forward, the Minnesota Business Partnership supported Tom Emmer for governor, and the Chamber's own PAC endorsed him. Did the Minnesota Business Partnership never visit Tom Emmer when he served in the Minnesota House through 2010, as it sought lowered taxes? And he never saw the Minnesota Chamber of Commerce?
Something seems to have worked out for them, since--as Growth and Justice notes, "the wealthiest Minnesotans pay the lowest proportion of their income in state and local taxes."
And why didn't Tom Emmer mention to the crowd that he indeed lobbies for government control, on behalf of the Minneapolis Radiation Oncology Physicians, a group which seeks to have the government prevent other doctors from entering their marketplace?
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