The monumental Fed Rip-off

We now have the results of the first-ever audit of the Federal Reserve. What it reveals is astounding and outrageous.

Senator Bernie calls it “socialism for the rich,” but it’s not merely “socialism for the rich,” it’s wholesale looting of our common wealth by the people who run the world. This blows sky high all arguments in favor of an “independent” central bank. Independence in this case means allowing an unelected self-serving elite to take what they want free from any effective oversight or control by the people or the people’s representatives.

The list of institutions that received the most money from the $16 trillion Federal Reserve bailout can be found on page 131 of 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)

An excellent article on this story, from which the above list was obtained, can be found on Countercurrents.org.–t.h.g.

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7 responses to “The monumental Fed Rip-off

  1. This is far from a true audit of the Fed, as you I know you know. If the Fed was ever audited by a competent accountant that was not controlled by the Fed, it would prove that all the owners of it acquired all their cash fraudulently by charging compounding interest on cash they didn’t have in the first place.

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  3. You might want to look at the comments section of that “excellent article”, then check out the actual audit report, and save yourself some embarrassment. As a reader points out, Table 8, cited is not the amount of money loaned out in total, but a relatively meaningless aggregate of daily transactions. The overall totals are printed in Table 9, and come up to about $1.2 trillion, which makes more sense, and are in line with the officially reported figures of the bailout.

  4. that does sound like a rip-off…yikes!

    Annette C.
    Vent

  5. Pingback: The Monumental Fed Rip-off « Bill Totten's Weblog

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  7. Hey, I’m invested in Merrill Lynch! Rather, my employer invested it for me as a retirement fund. Sounds like a rip-off all the way around.

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