You're reading...
Classic Posts, International Law, Law, Money and Finance, National, Philosophy, Politics

Federal Reserve Audit: $16 Trillion in loans over 3 years

Yep, $16 Trillion. Or maybe, less?

(or was it $1 T? This guy doesn’t explain his numbers, but REALLY? Only $1 Trillion?)

Thursday, the Government Accounting Office released its review, “Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance” of the accounts of the Federal Reserve Bank’s books from December 2007 through July, 2011. (Some were credit lines never used, some were paid back. As far as I can tell from page 4, there’s $956 Billion still outstanding.  But I’m a doctor, not an accountant.)And some went to foreign-based subsidiaries of US institutions in Switzerland, France, Germany, Scotland, Britain, and Belgium.The GAO report, “Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance, ” is here.

Why GAO Did This Study:
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed GAO to conduct a one-time audit of the emergency loan programs and other assistance authorized by the Board of Governors of the Federal Reserve System (Federal Reserve Board) during the recent financial crisis. 

The GAO criticized the Fed’s reluctance to explain all of it’s reasoning about the emergencies. There’s also criticism about the way that Timothy Geithner, then-Chairman of the New York Federal Reserve Bank, gave waivers and allowed no-contract bids for entities hired to help arrange the Emergency loans. One of those waivers went to a man who had interest in AIG, and is now the President of the New York Federal Reserve Bank, replacing Geithner when the latter moved to DC to take over the Treasury Department.

(I’m thinking they were really scared and doing the best they could at the time.) (But, again, I’m a doctor, not an accountant.)

(That first table is an adaptation of the pdf from CNBC. The second is from the GAO report, page 40.)

About bnuckols

Conservative Christian Family Doctor, promoting conservative news and views. (Hot Air under the right wing!)

Discussion

No comments yet.

I moderate comments, but will try to be quick. Please leave a reply.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

@bnuckols tweets

  • fb.me/1ugER8pBQ 14 hours ago
  • Bad news: our luggage went to San Juan. Good news: they will keep it and @delta booked us on the previous... fb.me/UL7drn5t 14 hours ago
  • regarding the government shutdown: Aren't Federal employees paid once a month, around the 1st? Or is it the 1st... fb.me/1z3jP8qrG 22 hours ago
  • Listening to Durbin complaining about"no budget" this morning. This is true! fb.me/uDja775x 22 hours ago
  • Wait for it: our suitcases weren't on the @delta plane from ATL - SAT. Oh! The joys of modern travel. 1 day ago
  • Back in San Antonio, where we started this morning. But I will sleep in my own bed! 1 day ago
  • RT @parragb: So they keep announcing how flight attendants are delayed here at Hartsfield - Jackson Atlanta airport, which makes me wonder… 1 day ago
  • Stupid comment. This is not weather. This is crummy planning, lack of customer service. 1 day ago
  • .@delta flight 549 CANCELLED. Who will pay for my non refundable hotel reservation in San Juan? I'm disgusted with Delta,! 1 day ago
  • .@delta Aaaand, in the continuing saga of the trip from the cold to the warm: @delta gate agents x2 at T3... fb.me/2EXIGongT 1 day ago

Click here to get your “Choose Life” license plate

Rick Perry RickPAC

Yes, I'm still for Governor Perry!

RickPAC

What to read around here

Archives

SiteMeter

%d bloggers like this: