All those Ron Paul fans got their wish.
They Audited the Federal Reserve (The Fed) and the results were very bad.
The bill (H.R. 459), which has 270 co-sponsors, passed 327 to 98. All but one Republican -- Rep. Bob Turner of New York -- voted for it, along with 89 Democrats.
Here is a link to the passing of the Audit the Fed Bill:
http://www.huffingtonpost.com/2012/07/25/federal-reserve-audit-bill_n_1702879.html
Be careful what you ask for. You might not like the truth. You cant handle the truth.
Truth is this: The Fed has been recklessly loaning your money out to everyone in the world, BUT YOU.
The FED is loaning TRILLIONS of your money to banks, businesses, and countries.
Why? The banks have been using your personal accounts to play the stock market - and losing.
And those loans equal our national debt.
This new bill takes a deeper look into a previous bill which audited the fed in which some deeply disturbing things were discovered you may never have heard of....
Paul teamed up with former Rep. Alan Grayson (D-Fla.) in 2010 to pass similar legislation that became part of the final Wall Street reform bill. But Paul has said new audit legislation is needed because the 2010 bill didn't go far enough. Specifically, he states on his website that the audit called for in the 2010 bill only focused on emergency credit programs and procedural issues, rather than on the substantive details of the lending transactions. The 2012 bill doesn't limit the focus of the audit.
Here is what the 2011 audit found out...
Senator Bernie Sanders, an Independent from Vermont posted on his web page a 255 page Government Accountability Office (GAO) report in PDF Format.
Here is that link: http://sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf
On Mr. Sanders website he wrote an analysis of this report.
Here is a link to his website: http://www.sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
Mr. Sanders analysis of this Report is as follows:
"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." (Translation by KOR - We helped the banks - screw 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. (KOR - Didn't know we bailed out GE, the largest government contractor in the world)
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. (DUH)
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.
KOR - I initally found this information from this link - http://beforeitsnews.com/economy/2012/09/first-audit-in-the-federal-reserves-nearly-100-year-history-were-posted-today-the-results-are-startling-2449770.html
here is a quote from this article:
The list of institutions that received the most money from the Federal Reserve can be found on page 131of 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)
and many many more including banks in Belgium of all places
$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. (KOR - WHERE CAN WE GET THAT KIND OF DEAL ASSHOLES!)Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious – the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
KOR - $16 TRILLION! Wait.... that number sounds familiar?
WHAT.... A ..... CO....INCIDENCE!
So, you might be asking yourself....... SO??
Well, when you pair these two findings together....
You might realize, that every dollar we borrow IN DEBT....
we are turning around and LOANING to these Banks, Companies, and Countries!
Well, what does that mean?
WE DON'T HAVE ANY MONEY!
We are taking CHINAS money, and handing it out to these guys!
Not USA money...
Not Federal Reserve Money...
CHINA.
The people who we BORROW from will surely not be too happy to learn, that our entire financial system
is COMPLETELY being supported BY OUR CREDITORS.
THEY HAVE MORTGAGED AMERICA!
And, guess what?
IT GETS WORSE!!!
This means that OUR BANKS are having to be bailed out? WHY?
BECAUSE THEY LOST OUR MONEY!!!!
Did you know, that your money in the bank... IS NO LONGER YOURS!
The COURTS have RULED against you!
“there is a new 7th Circuit opinion saying that there is no reason to impose a constructive trust on a lender’s takings of customers’ funds from client commodity firms that were used (inappropriately) to secure the firms’ borrowings, as long as the lender can say that it did not know WITH CERTAINTY that customers’ funds were being repledged. Negligence and misappropriation (vs. knowing criminal intent) are now a sufficient excuse for letting the lender keep the money and go to the head of the line for distributions in bankruptcies of the client commodity firms.”
Here is an article explaining this: http://theintelhub.com/2012/08/24/customer-deposits-are-property-of-the-bank-close-your-account-now/
So a bank, made a short term loan, and LOST IT'S ASS. They got sued.
THEY GOT OFF!
In June of 2012, Eric Bloom, former chief executive, and Charles Mosely, head trader of Sentinel Management Group (SMG) were indicted for stealing $500 million in customer secured funds.
Both Mosely and Bloom were accused of “exposing” customer segregated funds “to a portfolio of highly risky derivatives.”
These customer funds were used to “back up personal investments” which were part of “collateral for a loan from Bank of New York Mellon” (BNYM).
This loan derived from stolen customer monies was “used to purchase millions of dollars worth of high-risk, illiquid securities, including collateralized debt obligations, or CDOs, for a trading portfolio that benefited Sentinel’s officers, including Mosley, Bloom and certain Bloom family members.”
Fast forward to August 9th of 2012, and the 7th Circuit Court of Appeals (CCA) rules that BNYM can be moved to first in line of creditors over the customers that had their funds stolen by SMG.
When a banking customer deposits their money into their bank account, the Federal Deposit Insurance Corporation (FDIC) and Securities Investor Protection Corporation (SPIC) are in place to protect the customer from fraud or theft.
The ruling from the CCA means that these regulatory systems will not insure customer funds, investments, depositors and retirees who hold accounts in banks.
In fact, the banking institution is now legally allowed to use those customer funds deposited as collateral, payment on debts for loans made, or free use on the stock market to purchase investments as the bank sees fit.
THEY ARE LEGALLY GAMBLING YOUR MONEY - USING YOUR BANK ACCOUNTS
AS COLLATERAL FOR RISKY STOCK MARKET INVESTMENTS!
They got away with it: http://www.reuters.com/article/2012/08/10/us-sentinel-appeals-decision-idUSBRE87900T20120810
When a customer deposits money into a bank, the bank essentially issues a promise to have those funds available when the customer returns to withdraw the deposited amount.
When the same customer withdraws funds from their account (whether checking or savings) the customer assumes that the bank has enough funds to cover their withdrawal; including the presumption that their monies are separate from the bank’s assets.
Now, those funds are up for grabs by the bank at their discretion without explanation to the customer – nor is the bank obligated to recoup the customer should they “lose” those funds due to bad loans, bankruptcy or stock market loss.
Customer funds are no longer secure, no longer backed by the FDIC or other insurance corporations, and banks are legally allowed to co-mingled customer money with other funds of the bank. The only safe place for your money is with you.
Now is the time to close your bank account.
INFORMATION LIKE THIS WILL DESTROY PEOPLES CONFIDENCE IN OUR ENTIRE BANKING SYSTEM!
THEIR WILL BE RUNS ON THE BANKS IF THIS GETS OUT.
BUY GOLD! THEY ARE!
http://www.cnbc.com/id/48773207
And George Soros - Bought the GOLD COMPANIES!
http://www.bloomberg.com/news/2011-05-16/soros-sold-most-of-his-gold-etp-holding-during-first-quarter-filing-shows.html
Billionaire investor George Soros sold most of his holdings in the bullion-backed SPDR Gold Trust and iShares Gold Trust (IAU) funds in the first quarter and bought shares of mining companies Goldcorp Inc. and Freeport-McMoRan Copper & Gold Inc. (FCX), a government filing shows.
TROUBLE IS BREWING...BE PREPARED
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