The Federal Reserve’s cult of secrecy is unmasked
The recent audit of the Federal Reserve by the Government Accountability Office is particularly disturbing if read alongside the last report to Congress by the Fed’s Inspector General.
The GAO audit found a huge number of serious conflicts of interest at the Fed. Employees and contractors were allowed to own stock in the companies receiving financial assistance from the central bank.
By the way, your taxpayers’ dollars have already paid for this document. So feel free to download a copy from this URL:
http://www.gao.gov/products/GAO-11-696
The Government Accountability Office determined the Fed’s policies were too weak to mitigate the harm to the taxpayers that could result of these widespread conflicts of interest. When the conflicts of interest were so blindingly obvious that they could not be ignored, the Fed simply waived them.
The Fed has its own internal watchdog, the Office of Inspector General. That office somehow managed to fail to notice any of these problems in its most recent report to Congress. As with the GAO audit, you’ve already paid for it through your taxes, so feel free to download a copy from this URL:
http://www.federalreserve.gov/oig/files/SAR_March__2011_web.pdf
In short, the Federal Reserve’s Inspector General’s Office is lap dog, not a watchdog.
Inspector General Elizabeth A. Coleman, who has subsequently retired from the position, either didn’t notice the grave inadequacies uncovered by the GAO audit or didn’t think that they were worthy of mention. If you dig deep enough, long enough, you will find some hair-raising revelations on other matters, however. The Inspector General tucked away some seriously worrying revelations about bank inspections out of sight in the body of the report.
The GAO audit found a huge number of serious conflicts of interest at the Fed. Employees and contractors were allowed to own stock in the companies receiving financial assistance from the central bank.
By the way, your taxpayers’ dollars have already paid for this document. So feel free to download a copy from this URL:
http://www.gao.gov/products/GAO-11-696
The Government Accountability Office determined the Fed’s policies were too weak to mitigate the harm to the taxpayers that could result of these widespread conflicts of interest. When the conflicts of interest were so blindingly obvious that they could not be ignored, the Fed simply waived them.
The Fed has its own internal watchdog, the Office of Inspector General. That office somehow managed to fail to notice any of these problems in its most recent report to Congress. As with the GAO audit, you’ve already paid for it through your taxes, so feel free to download a copy from this URL:
http://www.federalreserve.gov/oig/files/SAR_March__2011_web.pdf
In short, the Federal Reserve’s Inspector General’s Office is lap dog, not a watchdog.
Inspector General Elizabeth A. Coleman, who has subsequently retired from the position, either didn’t notice the grave inadequacies uncovered by the GAO audit or didn’t think that they were worthy of mention. If you dig deep enough, long enough, you will find some hair-raising revelations on other matters, however. The Inspector General tucked away some seriously worrying revelations about bank inspections out of sight in the body of the report.
- Created by Reginald Crowder
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