http://www.washingtonsblog.com/2011/10/federal-reserve-riddled-with-corruption.htmlThe non-partisan Government Accountability Office released a report today showing widespread corruption and conflicts of interest in the Federal Reserve. Senator Sanders – who was instrumental in forcing the Fed to release some details of its lending operations – summarizes:
http://sanders.senate.gov/newsroom/news/?id=70c40aba-736c-4716-97d1-45f1a1af10a0A new audit of the Federal Reserve released today detailed widespread conflicts of interest involving directors of its regional banks. “The most powerful entity in the United States is riddled with conflicts of interest,” Sen. Bernie Sanders (I-Vt.) said after reviewing the Government Accountability Office report
http://sanders.senate.gov/imo/media/doc/d1218%20%282%29.pdf . The study required by a Sanders Amendment to last year’s Wall Street reform law examined Fed practices never before subjected to such independent, expert scrutiny.
The GAO detailed instance after instance of top executives of corporations and financial institutions using their influence as Federal Reserve directors to financially benefit their firms, and, in at least one instance, themselves. “Clearly it is unacceptable for so few people to wield so much unchecked power,” Sanders said. “Not only do they run the banks, they run the institutions that regulate the banks.”snip
Fed “Independence”: A Bad JokeAlso today, the senior S&L prosecutor (and professor of economics and law) Bill Black writes
http://neweconomicperspectives.blogspot.com/2011/10/not-with-bang-but-whimper-bank-of.html – in connection with the Federal Reserve and Bank of America’s initiation of a plan to dump billions of dollars of losses on the American people:
http://www.washingtonsblog.com/2011/10/the-federal-reserve-and-bank-of-america-initiate-a-coup-to-dump-hundreds-of-billions-of-dollars-of-losses-on-the-american-taxpayer.htmlsnip
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