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1.1 Trillion Dollars has just gone missing from the United States Federal Reserve System.  And, no one is talking!!!
 
Where did it go, to whom, and what for?  Simple questions right?  NOT!  NO ONE IS TALKING!!!
 

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Fed Lends $1.1 Trillion, Won't Say to Whom

November 10, 2008 5:23 PM ET

So much for transparency.

Since September 14th, when the Federal Reserve relaxed collateral requirements for new lending, it’s doled out over $1.1 trillion to faltering financial institutions. Now, Chairman Ben Bernanke and company won’t say where the money went.

Bloomberg reports the Fed is refusing to release details on which banks took out loans, fearing such disclosure would be blood in the water for short sellers and other financial mercenaries. Bloomberg News even went so far as to file a lawsuit on November 7th under the Freedom of Information Act to try to force disclosure.

Speaking to the Senate Banking Committee on September 23rd, Treasury Secretary Hank Paulson said of the $700 billion Troubled Asset Relief Program, or TARP: "We need oversight. We need protection. We need transparency. I want it. We all want it."

However, since the Fed’s 11 new lending programs fall outside the scope of the bailout -- and indeed outside any federal supervision at all -- it can pretty much do whatever it wants, accountability be damned.

Regulators fear knowledge of which banks are short of cash could spark short-selling and additional runs on deposits, which arguably contributed to the demise of Bear Stearns, Lehman Brothers and Washington Mutual. Market participants, however, argue disclosure of the Fed’s pricing methods could help unclog dangerously illiquid markets.

Ever one to shed light into opaque government actions, House Financial Services Committee Chairman Barney Frank told Bloomberg, "[Disclosure would] give people clues to what your pricing is and what they might be able to sell us and what your estimates are." I believe, Mr. Frank, that’s precisely the point of disclosure.

Last month, the biggest banks in the country -- Citigroup (C), JP Morgan (JPM), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) -- soaked up over $100 billion in capital injections from the Treasury Department under TARP. In order to obscure who needed the money most, Paulson forced the banks to accept similarly sized investments.

At a time when record amounts of taxpayer money are being put on the line to prop up the economy, elected and non-elected officials alike deem it necessary to keep us in the dark. Their concern for the integrity of the system and their desire to protect us from nefarious market participants seems to have blinded them to the concepts of accountability, transparency and simple honesty.

We're witnessing a dangerous period in which information is tightly controlled, available only to the privileged few, while the many wander aimlessly, groping for half-truths and innuendo transmitted via an elaborate game of telephone.

Some would argue this has always been the case, and this may very well be true. However, never have the stakes been higher; never have our livelihoods been so completely in control of the handful of people we've blithely sent up to Washington to control our collective fate.

This is a disturbing trend - one which we can only hope will be reversed come January. news.moneycentral.msn.com/printarticle.aspx?feed=MY&date=20081110&id=9364058

Copyright 2008 Minyanville

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Ask Sen. Charles Grassley
Sen. Charles E. Grassley (R-Iowa), ranking member on the Finance Committee, was particularly outraged and had his staff push for an explanation from the Bush administration, according to congressional aides.

Yes, DEMAND that all of our, perps, er...peeps in office tell US what the ferk happened to OUR MONEY.


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This is not the first time this amount of money has disappeared under the Bush admin.

On September 10 2001 Rumsfeld declared war on the Pentagon over 2.3 trillion missing dollars and the next morning the terrorists crashed an airplane into the accounting department of the Pentagon killing many of the people who would have been able to find the missing 2.3 trillion.


http://www.cbsnews.com/stories/2002/01/29/eveningnews/main325985.shtml

(CBS) On Sept. 10, Secretary of Defense Donald Rumsfeld declared war. Not on foreign terrorists, "the adversary's closer to home. It's the Pentagon bureaucracy," he said.

He said money wasted by the military poses a serious threat.

"In fact, it could be said it's a matter of life and death," he said.

Rumsfeld promised change but the next day – Sept. 11-- the world changed and in the rush to fund the war on terrorism, the war on waste seems to have been forgotten.

Just last week President Bush announced, "my 2003 budget calls for more than $48 billion in new defense spending."

More money for the Pentagon, CBS News Correspondent Vince Gonzales reports, while its own auditors admit the military cannot account for 25 percent of what it spends.

"According to some estimates we cannot track $2.3 trillion in transactions," Rumsfeld admitted.

$2.3 trillion — that's $8,000 for every man, woman and child in America. To understand how the Pentagon can lose track of trillions, consider the case of one military accountant who tried to find out what happened to a mere $300 million.

"We know it's gone. But we don't know what they spent it on," said Jim Minnery, Defense Finance and Accounting Service.

Minnery, a former Marine turned whistle-blower, is risking his job by speaking out for the first time about the millions he noticed were missing from one defense agency's balance sheets. Minnery tried to follow the money trail, even crisscrossing the country looking for records.

"The director looked at me and said 'Why do you care about this stuff?' It took me aback, you know? My supervisor asking me why I care about doing a good job," said Minnery.

He was reassigned and says officials then covered up the problem by just writing it off.

"They have to cover it up," he said. "That's where the corruption comes in. They have to cover up the fact that they can't do the job."

The Pentagon's Inspector General "partially substantiated" several of Minnery's allegations but could not prove officials tried "to manipulate the financial statements."

Twenty years ago, Department of Defense Analyst Franklin C. Spinney made headlines exposing what he calls the "accounting games." He's still there, and although he does not speak for the Pentagon, he believes the problem has gotten worse.

"Those numbers are pie in the sky. The books are cooked routinely year after year," he said.

Another critic of Pentagon waste, Retired Vice Admiral Jack Shanahan, commanded the Navy's 2nd Fleet the first time Donald Rumsfeld served as Defense Secretary, in 1976.

In his opinion, "With good financial oversight we could find $48 billion in loose change in that building, without having to hit the taxpayers."







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ring a bell

SWORDFISH
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4justicenow
Could you imagine the turmoil that would be triggered if 97% of all Americans simply refused to pay all federal taxes at least until all the stolen monies were accounted for and criminals prosecuted. That would send a clear message to the dickheads in Washington.

George Bush & Dick Cheney - White-house 2004  (Justice denied)

George Bush & Dick Cheney - Big-house 2009 (Justice served)


R,

4J




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Couldn't agree more 4J, I wish we would have done that before the government had time to set up martial law contingencies but if we refused to feed the monster it would die.

We certainly should refuse to pay the portion of taxes which sponsor illegal activity.

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Blossom

America Discovers That Bailout Will Be Used To Pay Wall Street Bonuses

As if they haven't already stolen enough from US !

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Pelosi and Reid decided some of the bailout should go to the auto manufacturers.

This takes tax and spend to a whole new level, it seems to me the government is doing all it can to provoke us. The lawmakers made it sound like life as we know it would come to an end if we did not grant the White house dictatorial power over mortgage based assets and now they have 3/4 trillion they can't figure out how to spend. Looks like the government is stripping the assets of all the responsible, good decision makers and transferring to all the idiots and criminals.

In Bolshevik Russia the government had the most prosperous and intelligent people exterminated or thrown in prison and reeducated to be driven to fail and dependent on the government. Looks like the IRS is implementing a Bolshevik revolution to force individuals, banks, investors, manufacturers etc. to fail and get a reward from the government or succeed and get taxed to death.

Perhaps there will be criminal penalties soon for having ambition, a high IQ or running a successful business doing well enough that customers actually  pay for your goods and services voluntarily.

It seems that our government has taken the position hard work, planning ahead and obtaining honest success is a crime and that criminal and stupid behavior deserves to be rewarded.

Our auto industry is a vital part of the nation and that's exactly why the strong need to survive and the weak fail. If the government props up the automakers then we will lose global competitiveness.

The whole bailout is borrowing and stealing out of a mess caused by  borrowing and stealing which is equally as stupid as making sure only the automakers that make products no one wants stay in business.

http://blogs.abcnews.com/politicalradar/2008/11/pelosi-to-seek.html

 

Pelosi, Reid to Seek Automakers Bailout Next Week

mailto:?subject=ABC News: Political Radar -- Pelosi, Reid to Seek Automakers Bailout Next Week &body=Go to http://blogs.abcnews.com/politicalradar/2008/11/pelosi-to-seek.htmlShare

November 11, 2008 4:26 PM

ABC News' Jonathan Karl reports: House Speaker Nancy Pelosi says she'll seek assistance for Detroit automakers during a lame-duck session next week.

The idea is to pass a bill opening up some of the $700 billion bailout money for the automakers.

I am told Pelosi will also likely seek an extension of unemployment benefits but wait until January for a major stimulus package.

"In order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry, Congress and the Bush Administration must take immediate action," reads a statement by Pelosi.

"Emergency assistance to the automobile industry would be conditioned on executive compensation restrictions, a prohibition on golden parachutes, rigorous independent oversight, and other taxpayer protections to ensure that any companies that benefit from this assistance – and not the taxpayers – bear the full burden of repaying any costs that are incurred."

And now Senate Majority Leader Harry Reid says he "determined" to pass legislation helping the automobile industry next week during a lame-duck session of Congress.

Reid's statement offers no specifics and reminds us that until January "we still have the slimmest of majorities in the Senate; this will only get done if President Bush and Senate Republicans work with us."

On that point:

The White House is lukewarm to Pelosi's idea of using some of the $700 billion banking bailout money for the automobile industry. One senior White House official told me it's "a slippery slope" and asked rhetorically, "who's next?"

The White House would prefer Congress pass legislation loosening the restriction on the $25 billion in loans Congress made available to Detroit in September. That money, under current law, must be used for fuel efficient technology. So far, not one dollar of it has been loaned. The auto industry says it needs money to stay alive, not to embark on new projects.

"Why does Speaker Pelosi absolutely refuse to use the $25 billion actually appropriated for the automobile industry?" asks the official. Answer: environmental groups don’t want the money to be diverted.

Meanwhile, the auto industry likes Pelosi's approach, but sees it as a stopgap measure until the new Congress passes something more comprehensive in January. As one auto industry source working with Congressional leaders told me, "We're talking about a bridge loan, a bridge to the stimulus."

 












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O-
Thats not what the money should go for. it makes me mad for sure.

Your right!

Blossom wrote:

America Discovers That Bailout Will Be Used To Pay Wall Street Bonuses

As if they haven't already stolen enough from US !

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ABC
When our leaders set the example that corruption & dishonesty is acceptable & actually encouraged,
when they abuse their powers,
ignore the constitutions rules set forth by our founders
 & when they steal our future in order to give big payouts to those who did nothing to earn it.......
......what kind of example are they setting???

The "October Surprise" Was nothing more than a power/money grab. A complete theft of taxpayer money of the future, to line the pockets of those who don't need it, & displayed horrible judgement. Just wait- they aren't done! They will continue to drain our future away- grabbing the riches while they can. They will bail-out all their buddies in big biz--- while letting the real employers of Americans, small businesses to die.

Once again- they reward the greedy & rich. They grabbed it fast- before they got voted out of office. This money grab would drain our resources & keep us from persuing the real changes we need. (like energy independance & improvments to our decaying infrastructure)

Meanwhile our youth now thinks that all you have to do is shuffle papers to become rich. Dishonesty & greed is rewarded. Steal all that you can & leave the rest to fail & suffer. The new American way.



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Stephen

The reason the recipients were not disclosed is because those who did not receive bailouts would cry foul.  Another reason is that if customers of those banks knew the banks were bailed out, they would run the other way and the bailouts would prove useless.

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Stephen, if thats the reason for not disclosing where the "Public Money" went, then why the secrecy?  Where is the transparency?  I did not get my share!  Do you get yours?  Or is it we just get the bill again? And, don't worry about it its only a Trillion Dollars.

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4 justice now
Greg,

Your right! At this point simply making such a suggestion as not paying our taxes would most likely get one labeled as a "terrorist" by our government, if not something worse in deed. Although, it would be quite interesting just to get enough support from public in general to be able to entertain such an idea and sit back and watch the politicians and their wealthy masters wet themselves.

R,
4J
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