A new Rasmussen survey has found that 85 percent of Americans believe that members of Congress “are more interested in helping their own careers than in helping other people.
Many have had the sneaking suspicion that our elected “leaders” in Congress are not going to Washington D.C. to represent us…but for their own personal gain. This video may just validate that assessment!Using the net worth data compiled by the non-partisan Center for Responsive Politics we found a disturbing trend. The analysis of the information in this video has not been seen by anyone…not on Fox News…not on CNN…and you have not read about this in the Wall Street Journal…yet. After watching the video click HERE to view “The List” (Source)
Meanwhile, and purely by coincidence:
Bernie Saunders, Senator for Vermont, writes: 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.
Hmmmmmmm, $17 trillion.
Let’s put that in perspective. (See picture HERE.)
There are about 100 million US households. If the $17 trillion had been loaned out to us it be about $17,000 per US household. BUT it wasn’t loaned to us! It went to the elite, it went outside the US, it was unelected “Fed officials” looting the US–at our expense.
Where’s the outrage?
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.”
- Government Gone Wild Releases New Video: Members of Congress Got Rich While Economy Tanked -cnbnews.net (gloucestercitynews.net)
- Why is U.S. Congress a Millionaires Club? (politicore.wordpress.com)
- Sen. Bernie Sanders: Fed Audit Reveals $16 Trillion in Secret Loans (stevebeckow.com)
- The Fed Audit (lonerangersilver.wordpress.com)
- Fed Audit Reveals Eye-Popping $16 Trillion In Secret Loans To Bailout Bankers (tipggita32.wordpress.com)
- Initial Fed Audit Shows Web of Conflict of Interest (news.firedoglake.com)