Forum Post: Video Link: Fed Audit Hearing held Oct 4th 2011
Posted 13 years ago on Oct. 9, 2011, 10:14 p.m. EST by mhollerer
(1)
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Link to Fed Audit Hearing Oct 4 2011 video
(Points of interest noted below):
Alternate: (scroll to Fed Audit Hearing Oct 4 2011 video) http://paul.house.gov/
Points of Interest in hearing:
01:00 Transparency of the FED
08:05 - 12:50 Testimony of Auditor
15:00 FED Audits
21:50 FED does not need to disclose operations until 2 years after they take place
22:37 Foreign Bank exchanges (swap lines) - No accountability
24:20 Documentation not required for decisions
27:13 Documentation for Emergency Facilities
32:50 Lending Practices
35:46 Swap Lines
36:50 Risk with Foreign Bank exchanges (SWAP LINES)
39:00 Conflict of interest - Senior Federal Reserve Bank of New York Officials held stock in some of the institutions that received bailout (AIG)
47:30 FED Transparency Records Destroyed
54:45 History of FED audits - corruption
1:01:00 FED and Treasury
1:03:00 FED and Treasury - Conflict of Interest
1:06:55 Political and Private Interests - Specific Corporations continually benefiting from FED regardless of program (Bank of America, Morgan Stanley, Goldman Sachs, Societe Generale)
Facts are good.