By Bernie Sanders (about the author)
Editor's note: Paul Craig Roberts suggested this article by Bernie Sanders be posted and the editor who received it misunderstood and thought it was by Roberts.There is no better example of the US government's attitude of "let them eat cake" than the following alert presented by Vermont's Senator Bernie Sanders, who is the longest serving independent member of Congress in American history... I implore you to read -- and then re-read -- the results of this critical investigation.
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "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," Sanders said.
The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided 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.For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs.
In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds. One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest.
To Sanders, the conclusion is simple. "No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed's board of directors or be employed by the Fed," he said.
The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.
The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.
A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."
To read the GAO report, click here.
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Some Steven G. Erickson comments to Opednews.com articles with links to articles:
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[click here] for:
click above link for video, scroll down in post
Megan Fox image [found here], click image to make bigger
More, and more, Americans are waking up seeing that they are under armed occupation. All internet, phone calls, movement, medical, legal, and financial activities are monitored. The abuse is obvious to those who just look up and have an open mind.
There is a war on for your mind.
Those who are sick of paying for their own abuse with tax dollars have been starting to give the puppeteers of the US Government, "The Bird", whenever they see a traffic light surveillance camera, or any one they see in passing. Corporate restaurants and bars have them, your every move can be tracked. Giving the surveillance cameras the finger tells others you are upset with the current state of affairs.
The Pentagon funds and controls the scripts of many of the block busters showing military hardware. Corporations and bankers are pro war, military, and police state and want you, the taxpayer, to fund the abuse and their lavish lifestyles. Your silence signifies your acceptance. So, do you wish to be silent?
Megan Fox is shown torturing, kidnapping, and confining a human-like robot in the 2nd installment of the Transformers movies. Children are being shown that torture, kidnapping, and killing is sexy. Fighting for the global corporate bankster empire in the US military is heroic.
Those of us in the independent movie and documentary trenches, want to offer you alternatives to the mind bending government propaganda that the CIA, banksters, and corporate organized crime want you to see.
-stevengerickson AT yahoo Dot Com
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Prison Industrial Complex
The below text was placed as a comment in an Opednews.com article on prison written by David Swanson:
Before 9-11, there was a domestic spy program where police use informants in the State of Connecticut and other states. Informants help police collect revenue, confiscate assets, homes, ruin small businesses in competition with organized crime, who get in the way of the official selling of cocaine and heroin, police and judge rackets, and to retaliate, beat, up, falsely arrest, and imprison citizens who have big mouths.
I was given the option of continuing to date a police informant who was offered money to set me up for a police beating in Stafford Springs, Connecticut, and get a civic award for what I have done for the community, or if I didn't continue to date her, the police would enforce a "no dating policy" on me, I'd be arrested, lose my contracting business built over two decades, my home, my daughter, and the rental properties I had spend years and hundreds of thousands of dollars fixing up and obtaining.
A rapist of a 3 year old got probation as did an armed robber on probation already. I got a year in prison for resisting being beaten up by a police informant who was terrorizing, stalking me, and threatening my life, ending the beating I was taking with pepper spray. Stand up against the tyrants in the USA, and get prison. Great piece Mr. Swanson, I re-posted it here, with links to my story.
stevengerickson AT yahoo Dot Com
This blogger was held as a political prisoner in the State of Connecticut, I'd like my bogus criminal record expunged, and I'd like to get compensated for what I've lost. Money won't compensate me for what I've suffered for over ten years, the loss of my family, home, everything, but it would be a way to start over, and try to move on.
This blogger's related links:
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[click here] for the Kenny's Side Show post below, excerpt:
Image from one of the alleged Norwegian bomber/shooter Anders Behring Breivik's favorite videos from his alleged Facebook page where he allegedly talked to himself about his love of 'trance' tunes.