First Federal Reserve Audit in Central Bank's 100-year history

budsmoker87

New Member
The list of institutions that received the most money from the Federal Reserve can be found on page 131of the GAO Audit and are as follows..

Citigroup: $2.5 trillion
Morgan Stanley: $2.04 trillion
Merrill Lynch: $1.949 trillion
Bank of America: $1.344 trillion
Barclays PLC (United Kingdom): $868 billion
Bear Sterns: $853 billion
Goldman Sachs: $814 billion
Royal Bank of Scotland (UK): $541 billion
JP Morgan Chase: $391 billion
Deutsche Bank (Germany): $354 billion
UBS (Switzerland): $287 billion
Credit Suisse (Switzerland): $262 billion
Lehman Brothers: $183 billion
Bank of Scotland (United Kingdom): $181 billion
BNP Paribas (France): $175 billion

and many many more including banks in Belgium of all places









http://beforeitsnews.com/economy/2012/09/first-audit-in-the-federal-reserves-nearly-100-year-history-were-posted-today-the-results-are-startling-2449770.html
 
The list of institutions that received the most money from the Federal Reserve can be found on page 131of the GAO Audit and are as follows..

Citigroup: $2.5 trillion
Morgan Stanley: $2.04 trillion
Merrill Lynch: $1.949 trillion
Bank of America: $1.344 trillion
Barclays PLC (United Kingdom): $868 billion
Bear Sterns: $853 billion
Goldman Sachs: $814 billion
Royal Bank of Scotland (UK): $541 billion
JP Morgan Chase: $391 billion
Deutsche Bank (Germany): $354 billion
UBS (Switzerland): $287 billion
Credit Suisse (Switzerland): $262 billion
Lehman Brothers: $183 billion
Bank of Scotland (United Kingdom): $181 billion
BNP Paribas (France): $175 billion

and many many more including banks in Belgium of all places









http://beforeitsnews.com/economy/2012/09/first-audit-in-the-federal-reserves-nearly-100-year-history-were-posted-today-the-results-are-startling-2449770.html

View the 266-page GAO audit of the Federal Reserve (July 21st, 2011):

But you paulites always claim there is never an audit
[TABLE="class: pubtables, width: 506"]

[TR]
[TH="class: colhead, colspan: 2"]Audited Annual Financial Statements of the Federal Reserve System
(annual statements as of and for the years ended December 31, 2011, and 2010) [/TH]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial, width: 248"] Combined Federal Reserve Banks [/TD]
[TD="class: stub, width: 248"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Atlanta [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of Boston [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Chicago [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of Cleveland [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Dallas [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of Kansas City [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Minneapolis [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of New York [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] LLCs Consolidated by the Federal Reserve Bank of New York [/TD]
[TD="class: stub"] [/TD]
[/TR]
[TR]
[TD="class: stub in1Financial"]
  • Maiden Lane LLC
  • Maiden Lane II LLC
  • Maiden Lane III LLC
  • TALF LLC
[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of Philadelphia [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Richmond [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of San Francisco [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of St. Louis [/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Board of Governors [/TD]
[TD="class: stub"]
[/TD]
[/TR]

[/TABLE]

 
ok, so it was posted last july. STILL disturbing as ever. whats ur point?


"paulites"? how fucking insulting is that? EVERYBODY should know this, this is the most important aspect of a "transparent government"
 
ok, so it was posted last july. STILL disturbing as ever. whats ur point?


"paulites"? how fucking insulting is that? EVERYBODY should know this, this is the most important aspect of a "transparent government"

The FED is audited every year by the GAO and a third party independant institution
This isnt news
This isnt even factual what you posted

Ron Paul doesnt want an Audit
He wants to be let into the room so the goverment can politicize the FED

That is not auditing
That is intrusive goverment
And you know all interest the Fed collects is returned to the treasury every year?
Did ya know that?

ETA
Ya Paulites it was meant as a term of derision and earned as well
 
View the 266-page GAO audit of the Federal Reserve (July 21st, 2011):

But you paulites always claim there is never an audit
[TABLE="class: pubtables, width: 506"]
[TR]
[TH="class: colhead, colspan: 2"]Audited Annual Financial Statements of the Federal Reserve System
(annual statements as of and for the years ended December 31, 2011, and 2010)[/TH]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial, width: 248"] Combined Federal Reserve Banks[/TD]
[TD="class: stub, width: 248"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Atlanta[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of Boston[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Chicago[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of Cleveland[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Dallas[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of Kansas City[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Minneapolis[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of New York[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] LLCs Consolidated by the Federal Reserve Bank of New York[/TD]
[TD="class: stub"][/TD]
[/TR]
[TR]
[TD="class: stub in1Financial"]
  • Maiden Lane LLC
  • Maiden Lane II LLC
  • Maiden Lane III LLC
  • TALF LLC
[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of Philadelphia[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of Richmond[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Federal Reserve Bank of San Francisco[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR]
[TD="class: stubFinancial"] Federal Reserve Bank of St. Louis[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[TR="class: alt"]
[TD="class: stubFinancial"] Board of Governors[/TD]
[TD="class: stub"]
[/TD]
[/TR]
[/TABLE]



I find it awesomely ironic that all the pdf links say 'page not found'. lol

Don't worry Cheezus, one day you will figure out the difference, just keep repeating yourself to try and deceive people.
 
this cheesus guy is so wrong idk where to start lol


Its pretty simple really, the Fed is audited by the GAO for internal purposes. The various amounts of money created by the fed for monetary expansionary purposes and bailouts is not public information. We do not know where our money is going, the only time this information has been released is what the OP posted, and that was 2010 I think. That was only a partial audit that Ron Paul finally pushed through.
 
The list of institutions that received the most money from the Federal Reserve can be found on page 131of the GAO Audit and are as follows..

Citigroup: $2.5 trillion
Morgan Stanley: $2.04 trillion
Merrill Lynch: $1.949 trillion
Bank of America: $1.344 trillion
Barclays PLC (United Kingdom): $868 billion
Bear Sterns: $853 billion
Goldman Sachs: $814 billion
Royal Bank of Scotland (UK): $541 billion
JP Morgan Chase: $391 billion
Deutsche Bank (Germany): $354 billion
UBS (Switzerland): $287 billion
Credit Suisse (Switzerland): $262 billion
Lehman Brothers: $183 billion
Bank of Scotland (United Kingdom): $181 billion
BNP Paribas (France): $175 billion

and many many more including banks in Belgium of all places









http://beforeitsnews.com/economy/2012/09/first-audit-in-the-federal-reserves-nearly-100-year-history-were-posted-today-the-results-are-startling-2449770.html


I think the article is being deceptive, this is old news from last years partial audit.
 
Its pretty simple really, the Fed is audited by the GAO for internal purposes. The various amounts of money created by the fed for monetary expansionary purposes and bailouts is not public information. We do not know where our money is going, the only time this information has been released is what the OP posted, and that was 2010 I think. That was only a partial audit that Ron Paul finally pushed through.

WALL OF TEXT

A Brief History of Federal Reserve Audits



Since its inception in 1913 the Federal Reserve System has been subjected to
a variety of financial and performance audits by Congress, the executive branch,
and private accounting firms, although responsibility for this task has shifted
from time to time. From 1913 to 1921 the Board of Governors, then known as the
Federal Reserve Board which sets monetary policy and regulates the activities of
the Federal Reserve Banks, was audited annually by the U.S. Treasury
Department. In 1921 Congress created the Government Accounting Office (GAO) and
assigned it to audit the Board until 1933. In the Banking Act of 1933, Congress
voted specifically to remove the Board from the GAO's jurisdiction. From 1933
to 1952 audit teams from the twelve Federal Reserve Banks performed the annual
examination of the BOG's books. From 1952 to 1978, the Board, under
authorization from Congress, decided to employ nationally recognize accounting
firms to conduct the audits of itself to insure independent oversight. This
provided an external evaluation of the adequacy and effectiveness of the
examination procedures.[SUP]1[/SUP]

In 1978 Congress passed the Federal Banking Agency Audit Act (31 USCA §714). It
placed the Federal Reserve System back under the auditing authority of the GAO.
The Act significantly increased the access of the GAO to the Federal Reserve
Banks, the Board, and the Federal Open Market Committee (the FOMC). Since then,
the GAO has conducted over 100 financial audits and performance audits of the
three Federal Reserve bodies.[SUP]3[/SUP]
Scope of GAO Audits



Some of the more important GAO performance audits of the Fed have been in the
areas of bank supervision, payment systems activities, and government securities
activities. In the first area, the GAO examined how well the Fed was enforcing
its regulatory powers over its member banks. In 1992 it drew attention to the
Fed's sluggish compliance with regulatory reforms mandated by the Foreign Bank
Supervision Act of 1991. In examining the Fed's payment system activities, the
GAO made the Fed aware of how its pricing policies for such services as
check-clearing affected private suppliers of check-clearing services, and also
suggested ways to speed up the process of check collections. Security markets
for government debt is a crucial market, and GAO performance audits of the Fed
have lead to more openness in the primary dealer system, particularly concerning
the disclosure of price information. The GAO is also involved in several
ongoing performance audits of the Fed such as analysis of risks and benefits of
interstate banking, regulation of derivatives, and the budget of the Federal
Reserve system.[SUP]2[/SUP]
Audits By Private Accounting Firms



Financial audits of the Fed are also conducted regularly. Each Reserve Bank
is audited every year by independent General Auditors who report directly to the
Board of Governors. These examinations involve financial statement audits and
reviews on the effectiveness of financial controls. Each Reserve Bank also has
its own internal audit mechanisms. The Board contracts each year with an
outside accounting firm to evaluate the audit program's effectiveness. Price
Waterhouse conducted an audit of the Board's 1994, 1995, 1996, 1997, and 1998
financial statements and filed this report in the Board's 1996
Annual Report
(nearly identical ones appear in other Annual Reports):
We have audited the accompanying balance sheets of the Board of
Governors of the Federal Reserve System (the Board) as of December 31, 1995 and
1994, and the related statements of revenues and expenses for the years then
ended. These financial statements are the responsibility of the Board's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with generally accepted accounting
standards and Government Accounting Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estmates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion the financial statements referred to above present fairly, in
all material respects, the financial position of the Board as of December 31,
1995 and 1994, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.
As discussed in Notes 1 and 3 to the financial statements, the Board
implemented Statement of Financial Accounting Standards No. 112, Employers'
Accounting for Postemployment Benefits, effective January 1, 1994. In
accordance with Government Accounting Standards, we have also issued a report
dated March 25, 1996 on our consideration of the Board's internal control
structure and a report dated March 25, 1996 on its compliance with laws and
regulations.[SUP]4[/SUP]
The Board has also
contracted with Coopers & Lybrand to conduct annual financial audits of the
Board and the individual Federal Reserve Banks.
Exemptions to the Scope of GAO Audits
The Government Accounting Office does not have complete access to all aspects
of the Federal Reserve System. The law excludes the following areas from GAO
inspections (31 USCA
§714
):
(1) transactions for
or with a foreign central bank, government of a
foreign country, or nonprivate international financing organization;

(2) deliberations, decisions, or actions on
monetary policy matters, including discount
window operations, reserves of member banks,
securities credit, interest on deposits, open market operations;

(3) transactions made under the direction of
the Federal Open Market Committee; or

(4) a part of a discussion or communication
among or between members of the Board of
Governors and officers and employees of the
Federal Reserve System related to items.
In 1993 Wayne D. Angell, then a member of the Board of Governors,
submitted testimony before a House subcommittee on the reasons for the
restrictions on GAO access. He commented,
By excluding these areas, the Act attempts to balance the need for
public accountability of the Federal Reserve through GAO audits against the need
to insulate the central bank's monetary policy functions from short-term
political pressures and to ensure that foreign central banks and governmental
entities can transact business in the U.S. financial markets through the Federal
Reserve on a confidential basis.[SUP]2[/SUP]
In
reference to a bill that would lift the constraints placed on the GAO's audit
authority over the Federal Reserve, Angell stated,
The benefits, if any, of broadening the GAO's authority into the
areas of monetary policy and transactions with foreign official entities would
be small. With regard to purely financial audits, the Federal Reserve Act
already requires that the Board conduct an annual financial examination of each
Reserve Bank...The process of conducting financial audits is reviewed by a
public accounting firm to confirm
that the methods and techniques being employed are effective and that the
program follows generally accepted auditing standards...Further, a private
accounting firm audits the Board's balance sheet...Finally, and more broadly,
the Congress has, in effect, mandated its own review of monetary policy by
requiring semiannual reports to Congress on monetary policy under the Full
Employment and Balanced Growth Act of 1978...In addition, there is a vast and
continuously updated body of literature and expert evaluation of U.S. monetary
policy. In this environment, the contribution that a GAO audit would make to
the active public discussion of the conduct of monetary policy is not likely to
outweigh the disadvantages of expanding GAO audit authority in this area.[SUP]2[/SUP]
For more on GAO restrictions, you can search
the Government Printing
Office
website for GAO report T-GGD-94-44, entitled "Federal Reserve System
Audits: Restrictions on GAO's Access."
 
why does our gov't tell us the bailouts are in the amount of "billions" when in reality they're trillions? why do they LIE to the press about where money goes? why are they said to be "loans" when in many cases they aren't?


and i'm the delusional one...riiiight

interest is returned to the TREASURY?

you need a break from drugs my friend
 
The FED is audited every year by the GAO and a third party independant institution
This isnt news
This isnt even factual what you posted

Ron Paul doesnt want an Audit
He wants to be let into the room so the goverment can politicize the FED

That is not auditing
That is intrusive goverment
And you know all interest the Fed collects is returned to the treasury every year?
Did ya know that?

ETA
Ya Paulites it was meant as a term of derision and earned as well

the federal reserve is politely asked to share a little info in the broad strokes of how they did last year, but this is not an audit.

an actual audit requires examination of all financial documents, decision documents that affected the financial decisions of the organization, detailed records of the financial transactions, and a careful accounting of all assets and liabilities. this has NEVER BEEN DONE.

GM and Chrysler got audited, and we got to see all the bonuses, all the sweetheart deals and all the golden parachutes they were expecting the taxpayer to shell out for, even AIG got audited when they stuck their hand out for a wad of sweaty money from we the people. the federal reserve system has simply stuck a long straw in our pockets and is sucking out as much as they feel they can take without causing outrage, but they have sucked too hard for some of us, and its time for them to open their books, ciommpletely, not in an annual financial report for the GAO's rubber stamp, but an audit of the type taxpayers have to submit to when the government thinks we might have been up to shenanigans.

repeatedly declaring that the GAO's annual report in brief on the federal reserves' publicly observable actions last year is an audit is disingenuous and deceptive. i begin to suspect that either you dont know what an audit looks like, or you are being deliberately obtuse.
 
Try starting with getting off of Ron Pauls old racist cock

The FED is audited every year by the GAO and a independant 3rd party
If you wanted to you could use google to get the actual audits

Your a little delusional paulbot fucktard to think otherwise

the "'Audit" you are harping on about is exactly the same as a corporation's quarterly disclosure for investors, only once a year instead of every 3 months. anyone who has evcer been in the market can tell you that these reports are rife with spin, misdirection, double ledger accounting and false statements regarding liabilities and assets. only an actual audit (triggered when the SEC decides the irregularities have gone a step beyond salesmanship and spin) can debunk these easily falsified reports which are the method bernie madoff used to keep his scam running for so many years even without the wall of silence and Congressionally permitted secrecy that shields the fed from scrutiny.

until the fed has to submit to an actual audit, nobody but their board of directors knows what dirty laundry is littered about their operations, and those assholes never talk, except in mildly reassuring doublespeak for wall street and political cronies.
 
the "'Audit" you are harping on about is exactly the same as a corporation's quarterly disclosure for investors, only once a year instead of every 3 months. anyone who has evcer been in the market can tell you that these reports are rife with spin, misdirection, double ledger accounting and false statements regarding liabilities and assets. only an actual audit (triggered when the SEC decides the irregularities have gone a step beyond salesmanship and spin) can debunk these easily falsified reports which are the method bernie madoff used to keep his scam running for so many years even without the wall of silence and Congressionally permitted secrecy that shields the fed from scrutiny.

until the fed has to submit to an actual audit, nobody but their board of directors knows what dirty laundry is littered about their operations, and those assholes never talk, except in mildly reassuring doublespeak for wall street and political cronies.


Deloitte and Touche did last years audit
Remember Arthur Anderson?

Deloitte and Touche aint going down the same road

The audit the FED movement isnt about numbers
It is about decisions and is about getting the goverment involved in the Fed so every decision they make can be politicized
 
Deloitte and Touche did last years audit
Remember Arthur Anderson?

Deloitte and Touche aint going down the same road

The audit the FED movement isnt about numbers
It is about decisions and is about getting the goverment involved in the Fed so every decision they make can be politicized

Teloitte and Douche ran the numbers on the fed's annual financial statement, they did not do an audit. an audit demands documents, and seeks to PROVE statements factual nature, the annual reports (just like any corporation's) are reports in brief to ensure investors arent hornswaggled by a company thats circling the drain (and they are useless for this, by way of the numerous scams schemes and cons that get run on wall street every year) the accounting firm examines the documents proiivided and determines whether the statements are generally in compliance with "good accounting practices", are questionable or false. that is all. an auditor demands documents and the person (or company) is compelled to provide them or face fines prison and seizures.

learn the difference.
 
Teloitte and Douche ran the numbers on the fed's annual financial statement, they did not do an audit. an audit demands documents, and seeks to PROVE statements factual nature, the annual reports (just like any corporation's) are reports in brief to ensure investors arent hornswaggled by a company thats circling the drain (and they are useless for this, by way of the numerous scams schemes and cons that get run on wall street every year) the accounting firm examines the documents proiivided and determines whether the statements are generally in compliance with "good accounting practices", are questionable or false. that is all. an auditor demands documents and the person (or company) is compelled to provide them or face fines prison and seizures.

learn the difference.

I know the difference
I have to paint
The FED is audited
 
I know the difference
I have to paint
The FED is audited

and everyone who files a tax return is "audited" when the IRS accepts their statements as fact without more examination. i guess Romney was audited every year and the IRS found no cause to doubt him, so i guess YOU dont need to see his records either.

after all, Romney IS audited every year.
 
I think a common misconception that has been passed around is that we want congress to control the federal funds rate and bailouts and expansionary monetary. This is certainly not true, we don't want anyone to control this because it should not be legal to manipulate the markets and currency. We want this corporate welfare to stop.
 
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