Monday, May 11, 2009

A tip from Santelli on CNBC to watch this - Is anyone minding the store at the Federal Reserve - from YouTube - 2:10PM

This is Rep. Alan Grayson quizzing the Federal Reserve Inspector about the billions of dollars given to the banks, that nobody seems to know where it went. Good question. Bloomberg had filed a suit a while back concerning this money and where it went: U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs (Update1) - Bloomberg Fed Sued Bloomberg requested details of Fed lending under the Freedom of Information Act and filed a federal lawsuit against the central bank Nov. 7 seeking to force disclosure of borrower banks and their collateral. Arguments in the suit may be heard as soon as this month, according to the court docket. Bloomberg asked the Treasury in an FOIA request Jan. 28 for a detailed list of the securities it planned to guarantee for Citigroup and Bank of America. Bloomberg hasn’t received a response to the request. The Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan). Has anyone noticed when members of congress calls the bankers, regulators, or inspectors for questioning, the room is usually empty? But when those evil auto company CEO's show up, it turns into a circus? The SEC hearings were really entertaining, you should do a search on YouTube for those. After the congress people were done with them, the SEC enforcement cheif, Linda Thomsen resigned the next day. ABC story here. Actually, watching congress is usually entertaining. They are better actors/actresses than congress people. Or should I say "grandstanders."

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