Federal Reserve Cannot Account for $9 Trillion

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Geriatrix

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http://moneynews.newsmax.com/financenews/feds_lost_nine_trillion/2009/05/12/213463.html
The Federal Reserve apparently can't account for $9 trillion in off-balance sheet transactions.

When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed's expanded balance sheet, the IG didn't know.

Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.

"I am shocked to find out that nobody at the Federal Reserve is keeping track of anything," Grayson says.

Grayson asked Coleman if her agency had done any research into the decision not to save Lehman Brothers, which “sent shockwaves through the entire financial system,” Coleman said it had not.

“What about the $1 trillion plus expansion of the Federal reserve’s balance sheet since last September?” Grayson asked.

“We have different connotations,” Coleman replied. “We’re actually conducting a fairly high-level review of the various lending facilities collectively.”

Translation: Nobody at the Fed knows where the money went.

Do you know what who got the $1 trillion or more in the Fed's expansion of its balance, Grayson pressed.

"I do not know. We have not looked at this specific area at the particular point on that specific review," Coleman answer.

What about the trillions of off-balance transactions since last September, Grayson asked.

Coleman demurred again, saying the IG does not have jurisdiction to audit the Federal Reserve.

Grayson pointed out that it was the inspector general's job to audit such spending and asked again if the office had done any investigation at all.

Coleman's answer: Not enough yet to even respond. "We are in not a position to say if there losses."

Grayson concluded, "I am shocked to find out that nobody at the Federal Reserve, including the inspector general, is keeping track of this."

Meanwhile, Federal Reserve Chairman Ben Bernanke says the bank is working on ways to rein in the massive balance sheet commitments.

"A majority of the members who made these projections just recently took 2 percent as being an appropriate number" for inflation, Bernanke said Monday.

"Somewhere between 1-1/2 to 2 percent is basically the number that our committee has individually stated is the appropriate medium-term inflation rate.

"To achieve that we need to demonstrate that we will be able to exit from the balance sheet position that we currently have, and have been working on this intensively," Bernanke said in response to questions after a speech to a conference organized by the Federal Reserve Bank of Atlanta, reported by Reuters.
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:eek::eek:
 
I actually know of some people using S.A to move large sums of money I'm willing to give names just PM me, The money is going to the U.S.A and it came from a middle eastern country. Not 9T but the sums are in the billions, the people's names I have claimed to have allegedly helped over seas companies move the money. I over heard them a few times speak about their involvement seeing that it far removed family members of mine. I'm not sure how they do it but they have a loop hole to move the money and work with our curacy going so fast up and down to make the money. So it is fraud. I'm not sure who to tell, the policies are useless so ya and I don't know who ells is involved. They are doing this in secret and no, I'm pretty sure they are not doing this legally.
 
Empiricism Philosopher said:
I actually know of some people using S.A to move large sums of money I'm willing to give names just PM me, The money is going to the U.S.A and it came from a middle eastern country. Not 9T but the sums are in the billions, the people's names I have claimed to have allegedly helped over seas companies move the money. I over heard them a few times speak about their involvement seeing that it far removed family members of mine. I'm not sure how they do it but they have a loop hole to move the money and work with our curacy going so fast up and down to make the money. So it is fraud. I'm not sure who to tell, the policies are useless so ya and I don't know who ells is involved. They are doing this in secret and no, I'm pretty sure they are not doing this legally.
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You might not want to believe every email you read - esp when it deals with the leaders of foreign countries and large sums of money.
 
Empiricism Philosopher said:
I actually know of some people using S.A to move large sums of money I'm willing to give names just PM me, The money is going to the U.S.A and it came from a middle eastern country. Not 9T but the sums are in the billions, the people's names I have claimed to have allegedly helped over seas companies move the money. I over heard them a few times speak about their involvement seeing that it far removed family members of mine. I'm not sure how they do it but they have a loop hole to move the money and work with our curacy going so fast up and down to make the money. So it is fraud. I'm not sure who to tell, the policies are useless so ya and I don't know who ells is involved. They are doing this in secret and no, I'm pretty sure they are not doing this legally.
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Report it to the FSB. Apart from money laundering, what purpose would this serve if they could merely trade the FX market? :confused:
 
Was not a email I know this because one of my aunts has a cruise ship now, but I'm not on friendly terms with her because she is a bit corrupt. She and a Muslim dude is scamming the government what is the FSB I have never reported crime before so I don't really know what to do and I'm afraid for my life. They are moving money with out restrictions or tax and so on.
 
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Empiricism Philosopher said:
She and a Muslim dude is scamming the government what is the FSB I have never reported crime before so I don't really know what to do and I'm afraid for my life.
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Financial Services Board - they will investigate it if you bring it to their attention.

How is your aunt scamming the government?
 
alf101 said:
Dunno read his post again and know I'm thinking she's a Somalian pirate.
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That would explain why it popped up in the Federal Reserve thread.

He's gone all quiet now. I suspect his aunt has found this thread...
 
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