I think that people need to vote for Ron Paul’s initiative to audit FED and to end this nonsense as soon as possible. Bernard Madoff is where he is and he needs to be joined. He made it on the cost of his client and not on the expense of taxpayers.
Federal Reserve Transparency Act - HR1207 - Ron Paul
WSJ is out with this article which even a few weeks ago would have been (marginally) shocking, but at this point draws only sighs of resignation.
The Federal Reserve at the last minute significantly scaled back the size of the capital hole facing some of the nation’s biggest banks, following days of intense bargaining over the stringency of the stress tests.
When the Fed last month informed banks of its preliminary stress-test findings, executives at banks including Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. were furious… At Fifth Third, the Fed was preparing to tell the Cincinnati- based bank to find $2.6 billion in capital, but the final tally dropped to $1.1 billion.
And final note: The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Do we need SEC, do we need FED? They don’t do nothing from their manadate. And that mandate is sick too.
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