GAO Finds Serious Conflicts at the Fed

[CountAllVotes]

October 19, 2011

WASHINGTON, Oct. 19 - A new audit of the Federal Reserve released today detailed widespread conflicts of interest involving directors of its regional banks.

"The most powerful entity in the United States is riddled with conflicts of interest," Sen. Bernie Sanders (I-Vt.) said after reviewing the Government Accountability Office report. The study required by a Sanders Amendment to last year's Wall Street reform law examined Fed practices never before subjected to such independent, expert scrutiny.

The GAO detailed instance after instance of top executives of corporations and financial institutions using their influence as Federal Reserve directors to financially benefit their firms, and, in at least one instance, themselves. "Clearly it is unacceptable for so few people to wield so much unchecked power," Sanders said. "Not only do they run the banks, they run the institutions that regulate the banks."

Sanders said he will work with leading economists to develop legislation to restructure the Fed and bar the banking industry from picking Fed directors. "This is exactly the kind of outrageous behavior by the big banks and Wall Street that is infuriating so many Americans," Sanders said.

http://sanders.senate.gov/newsroom/news/?id=70c40aba-736c-4716-97d1-45f1a1af10a0

Why am I not surprised? :think:

[denverbill]

1. Someday, maybe, in the distant future, we'll have a President as good as Bernie.

</dream>

[CountAllVotes]

2. Don't I wish for that too!

n/t

:kick:

[slay]

4. I wish and hope that to be true

Elizabeth Warren 2016 would be good. :)

[denverbill]

5. Yes I'd be happy to vote for her myself.

I was kind of hoping Obama would be that guy, but apparently, he had other ideas.

[slay]

6. Yeah

count me among the DU peeps who are thoroughly disappointed in Obama - i mean big time. i would LOVE to see Bernie as prez - but failing that Warren seems pretty great herself - and with her you can tell - it's no act!

[Hawkowl]

3. Imprison the Fed

Not just abolish the Federal Reserve, indictments, convictions and lengthy prison terms are the only long term solution.

[slipslidingaway]

7. knr nt

[craticdemo]

8. Good! Now End The Fed.