9 TRILLION Dollars Missing from Federal Reserve,Fed Inspector General Can't Explain

[Pharaoh]

Run time: 05:24 https://www.youtube.com/watch?v=GYNVNhB-m0o   Posted on YouTube: December 12, 2010 By YouTube Member: amy2x Views on YouTube: 14432   Posted on DU: December 14, 2010 By DU Member: Pharaoh Views on DU: 4555

 

[FormerDittoHead]

1. Where did it go?? I know! POOR PEOPLE! IT WENT TO POOR PEOPLE! n/t

[Name removed]

2. Deleted message

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[Name removed]

21. Deleted message

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[Roy Rolling]

26. The way to find a missing something

is to find out where it's not: http://www.youtube.com/watch?v=4ASI7vY0ssg&feature=related

[JDPriestly]

52. It's those welfare queens again. Look at 'em in their Mercedes

Why don't they get real jobs?

:sarcasm:

[ixion]

3. Our government is so incredibly, wholly and completely corrupt...

watching these types of kabuki exchanges makes me ill. :puke:

[xchrom]

4. great god -- another incompetent idiot. -- how? how can you come before

that committee so unprepared for such obvious questions?

[glitch]

47. If nothing else, plausible deniability proves incompetent is a better defense than complicit.

which is no defense at all.

What is insulting is they don't bother with even remotely plausible anymore.

[JJW]

5. As Obama says

Time to move forward, we don't have time to look back.

Here is another regulator, asleep at the wheel. The buck should land on Obama's desk but we already know he'll blame the professional left for being purists and putting this in the news.

[Paper Roses]

6. What's a few trillion here, a few billion there? No-one knows how

much is really missing. The money that is missing in Iraq is probably in the hands of some sheik, the Federal Reserve? This one is scary. Who really keeps the government books? I wonder if anyone knows? Bet not!

[molly77]

54. DOD missing over 2 trillion prior to 9/11

Federal Reserve mission trillions. No wonder WikiLeaks scares the hell out of US. Easier to steal in the darkness and cover of patriotism/money.

[midnight]

7. Who appointed this women to the inspector general position?

Nine trillion can't be accounted for. That equals 30,000 for every man women and child in this country. Yet people who were hoodwinked by unscrupulous banking practices are being blamed for irresponsibility, and are being kicked out of their homes....

[PADemD]

18. She was appointed during the Bush Administration

Elizabeth A. Coleman was appointed Inspector General for the Federal Reserve Board effective May 6, 2007.

http://www.federalreserve.gov/oig/oig_bio.htm

[Roy Rolling]

8. lost money?

Have they checked the folded-up newspaper in Potter's office? What about at the airport? We put a microscope up granny's butt however when $9 trillion is missing the authorities take 8 months to even know something is missing? My totally ignorant and unsubstantiated opinion (thus qualified for the Beck/Rush conspiracy hour) is that the U.S. Chamber of Commerce has it---they are the finance experts. :sarcasm:

[whathehell]

14. Put it up "grandpa's butt".

I get the outrage...but getting a little tired of the ugly, patently sexist use of "grandma" for every vulgar expression of imagination.

[Roy Rolling]

23. ?

Settle down, Beavis.

[whathehell]

28. You "settle down"

Butthead...My point is a good one.

[PatrynXX]

55. Probably wasted it bribing Iraqi's n/t

[orbitalman]

9. My eyes are popping out of my head Q@(*$&@#*(*@&# n/t

[DrDan]

10. I am sure she is spending her time and efforts in investigations of

employee travel vouchers to insure lowest airfares were used for official travel and that meal allowances were not over-expensed.

As the Inspector General, she should not be expected to have any knowledge of Off Balance Sheet transactions of $9T.

[tomm2thumbs]

11. A rallying cry for 'AUDIT THE FED' in Congress starting next year?

If one thing can come of the Tea Bagger rebellion in the GOP, perhaps that one thing will be to initiate an ongoing and continuous Congressional-oversight report & hearings on the Fed, to which no doubt the Republican (& even Democratic) Wall Street puppeted representatives would rather not see happen.

We'll see if they really do anything (so far they seem to only scream and rant when running for office put then become lap poodles once elected), but they will certainly have pressure from their minions to shed light on this if they have anything to say about it.

[Swampguana]

12. Sounds like her job to is to hide the money rather than keep track of it

[WillYourVoteBCounted]

13. the bigger the crime the smaller the punishment

if any

[roxiejules]

15. Isn't this a 2009 video?

http://www.youtube.com/watch?v=PXlxBeAvsB8&feature=related

[Dokkie]

16. yep

its the same old video with a new headline. Lets not forget who spawned this whole crisis with the TARP bill - Bush bank scam

[AtheistCrusader]

40. No, you've never seen this video before, move along.

[civilisation]

17. The rate of rampant fraud and thievery has gone logarithmic..,

The Banksters (including their buddies on wall-street) have long had their hands in the till, skimming and scamming every little bit they can in their role as the vampiric controllers of the money supply, and this thievery has always been expanding. In the last 20-30 years the rate of this wealth shift from the many to the few has seen logarithmic rise, with little to no accountability. The rate of bubble creation and popping (when the wealth is shifted i.e. stolen!) has been getting faster and faster. These evil greedy thieves see that the system is about to implode and are currently ratcheting up the money grabs. All pyramid schemes have a life-cycle and the bottom is falling out of the current money system, the whole thing is coming down. But what should we expect when no one is held to account for their actions?? Without a real democracy, and actual enforced regulations on banking and greed-based corprate-capitalism this is the inevitable outcome. Yuo reep what you,. .

[glitch]

48. Trudat. And belated welcome to DU! nt

[disndat]

19. I hope they get to the bottom of this.

Too bad Rep. Alan Graham is on his way out.

[Tx4obama]

32. I think you meant Alan Grayson. n/t

[SDuderstadt]

20. NOWHERE in that clip does it say that...

$9 Trillion is missing from the Federal Reserve.

The financial illiteracy and outright ignorance of what the Fed actually does and how it does it by DU members is simply stunning.

[leveymg]

25. Fine. Missing $9 trillion in Overnight Window transactions at the NY Fed. Make you happy?

That's still a huge amount of use value that's gone unaccounted for all this time. Much of it simply fled offshore.

[SDuderstadt]

27. Do you realize how silly that...

claim is? Do you honestly think the Fed could be missing $9T and still function?

[leveymg]

29. It's not really "missing", just not on the public record, and no questions asked by the NY Fed

about what counter-parties did with it.

"Missing" is journalistic license - maybe some people take it literally. But, hey, they don't make institutional decisions. Their lives are just run by those who do know what's really going on.

[SDuderstadt]

30. Do you understand what Overnight Window transactions are?

Why don't you explain it to us?

[leveymg]

31. Short-term low-interest loans to Fed Members (PDs), some collateralized

What else do you want, a primer on the Repo Market?

[SDuderstadt]

33. There are posters here that believe...

that $9T is literally missing, as in stolen. It makes DU look silly.

You're not helping.

[leveymg]

34. I'm telling the unvarnished truth - the use value is in the billions. The use of these funds

have not been accounted for in the public record, the identities of the banks and the amounts they borrow is not revealed, and neither the source nor amount of the profits made on investments on these funds are not reported to the Fed by the Primary Dealers that have had access to the window in these special post Q3 2008 "emergency" transactions.

How is this not helping? Who am I not helping? What's wrong with the information I'm giving out?

What do you want me to say?

[SDuderstadt]

35. You could start by telling those who think $9T has been...

stolen that it's simply not true.

Do you honestly think that whipping up anti-Fed hysteria (referring to the OP) is helpful?

[leveymg]

36. Ok - the profits on $9T have been given away by the Fed 0-interest. Principal wasn't stolen.

Happy now?

I'm not whipping up anti-Fed hysteria. I'd just like to see all the mechanizations and profits involving Fed funds, liquidity injection and bank stimulus on the public record. That's not too much to ask in your opinion, is it?

[SDuderstadt]

37. You obviously missed the part where...

I referred to the OP whipping up anti-Fed hysteria, not you.

P.S. When do Overnight Window loans have to be repaid?

[leveymg]

41. I got the feeling there was a bit of guilt by association in your remarks. Aspersions, anyway.

It used to be settle same business day, repayable the next. Not sure if that rule still applies to PDCF funds. The primary difference between this program and the previous is that basically any sort of collateral, even basically worthless CDOs and MBS can be put up, and the amounts borrowed by each Primary Dealer is not publicly reported by the Fed.

Please correct me on any of these details. I used to work on the Floor of the NYSE, not in bonds. What is your interest in this?

[SDuderstadt]

42. There was no "guilt by association"...

that's why I made it clear I was referring to the OP.

My interest in this is making sure legitimate questions about oversight and transparency don't get drowned out by silly anti-Fed propaganda aimed at DU's shoot-first, ask-questions-later brigade.

I appreciate your factual contribution. I don't think proper oversight and increased transparency should come at the cost of the Fed's independence.

[leveymg]

43. OK - we're square.

I do my own share of patrolling around here. Sometimes I enjoy the fire for a while, before I start hosing the crowd, though.

My advise to you is approach with humor and sympathy if you want people to listen to you. They turn on those who offer correction that aren't immediately perceived as friendly.

[SDuderstadt]

44. I don't believe...

the shoot-first, ask-questions-later brigade is really interested in facts or corrections, no matter how humorous or friendly the offer. It's like DU's version of FR. They just happen to be good people on our side who, nonetheless, aren't interested in getting the facts straight.

[JDPriestly]

53. Why don't you explain what you mean in terms that the uninitiated

can understand, leveymg?

Please share your knowledge. We all come to DU to learn from each other. Each of us has something to give to others, some knowledge or experience. Rather than just putting other DUers down, please state in a patient, compassionate way whatever it is that you feel you know and that others don't know.

So far, your post leaves me thinking that you enjoy feeling superior to others on DU, but that you can't really clearly explain what you believe that others don't know. I mean that I have the impression that you enjoy feeling superior but either don't really understand whatever it is that you know that is justifying your superior attitude or you want to keep the knowledge that makes you feel so superior to yourself.

This is a community. We share our knowledge. Please share yours without being snide.

[BakedAtAMileHigh]

38. really? you don't understand why people could think that

the Fed drastically needs transparency and oversight and that there should be a public accounting for shuffled funds?

Gee, why could people possibly think the Federal government is incapable of policing itself???

http://www.vanityfair.com/politics/features/2007/10/iraq_billions200710

The Spoils of War
Billions over Baghdad
Between April 2003 and June 2004, $12 billion in U.S. currency—much of it belonging to the Iraqi people—was shipped from the Federal Reserve to Baghdad, where it was dispensed by the Coalition Provisional Authority. Some of the cash went to pay for projects and keep ministries afloat, but, incredibly, at least $9 billion has gone missing, unaccounted for, in a frenzy of mismanagement and greed. Following a trail that leads from a safe in one of Saddam's palaces to a house near San Diego, to a P.O. box in the Bahamas, the authors discover just how little anyone cared about how the money was handled.

[SDuderstadt]

39. No, I said that...

$9T wasn't stolen.

Duh.

[Klingon]

57. Nowhere in the clip does it say anything

She's just stonewalling.

She "does not know" the answer to any of the questions.

She's always "in the process" of looking at that. She gives the impression of being hired last week.

As for the financial illiteracy on this forum, do you believe that the DU members are worse than the average public? If not, who's fault is it that people cannot understand what the Fed actually does?

[SDuderstadt]

58. Try taking a macroeconomics class...

dude.

[KansDem]

22. Did you check the sugar jar?

Sometimes some missing coin in our house winds up in the sugar jar.

Better check it...

[dotymed]

24. The PTB

will sure be glad when Mr. Grayson is gone.
What a loss for Americans..

[forty6]

45. Did anyone check with Dick Cheney and KBR and the biggest banks?

I'm sure if they look under the table......

[List left]

46. what impressive self control he has

I am greatly impressed by this mans integrity and self control. I would have lost it.

[felix_numinous]

49. Unacceptable.

Wrong answer--NO ONE loses 9 trillion dollars. Money NEVER disappears, it only changes hands. Time for an investigation.

American People must demand this money be found.

[avaistheone1]

50. Five TRILLION that the Federal Reserve can't account for

and the several TRILLION that the Pentagon can't find AND these Fed Reserve folks and the Pentagon want to shake their fingers at the poor folks on Social Security to make up for their deficits. SHAME. SHAME. SHAME!!!

[DeSwiss]

51. K&R

Monkey with the paper

When the U.S., and then the world's money economy started to crumble, the first thing capitalist economists could think of to do was to monkey with the paper. That's all they knew how to do. It was unthinkable that the tertiary virtual economy, that great backroom fraud of debt manipulation and fiat money, might have finally reached the limits of the material earth to support. That the money economy's gaming of workers and Mother Nature might itself be the problem never occurred to the world's economic movers and shakers. It still hasn't. (Except for Chavez, Morales, Castro and Lula).

Jobs disappeared, homes went to foreclosure, and personal debt was at staggering all time highs. America's working folks were taking it square in the face. Not that economists or financial kingpins cared much one way or the other. In the capitalist financial world, everything is an opportunity. Cancer? Build cancer hospital chains. Pollution? Sell pollution credits. The country gone bankrupt? "Nothing to do," cried the mad hatters of finance, "but print more money, and give gobs of cash to the banks! Yes, yes, yes! Borrow astronomical amounts of the stuff and bribe every fat cat financial corporation up and down The Street!" All of which came down to creating more debt for the common people to work off. They seem willing enough to do it too -- if only they had jobs.

http://www.joebageant.com/joe/2010/07/waltzing.html">Joe Bageant, "Waltzing at the Doomsday Ball"

I'm sure Obama will appoint a Blue Ribbon Commission to look into it all and they'll discover that the money went into the black hole of Social Security and that's why we need to privatize part of it and get rid of the rest.


- Oh. And also to disallow the importation of cat food into this country from Canada..........

[pam4water]

56. K&R

[ljm2002]

59. That woman is a CLOWN!

Every response was the very definition of "evasive" and "mealy-mouth".

It would appear that the job of the Inspector General is to handwave and deflect and make sure no one takes too close a look at the books.

That was a shockingly bad performance on her part. You would think that, knowing she would be questioned by Grayson, she would have prepared. Instead, she obviously did not prepare to do anything other than stonewall, which is yet another sign of the utter contempt these people have for the government and us citizens.

K&R for Grayson's excellent skewering of another empty suit.

[KurtNYC]

60. The end of the Empire, the looting of Rome

this is like the Rodney King riots being held inside of the Fed. Smash, grab and run.

Oh wait... "we can't comment bc the investigation is on-going and I haven't seen the Bloomberg article and I don't have authority"