View Full Version : Momentum Builds For Ron Paul's "Fed Transparency" Act
05-21-2009, 04:58 PM
For years, Ron Paul has been a lone voice in Congress, questioning the wisdom of the Federal Reserve -- both its various chairmans and the institution itself. His dogged questioning of Alan Greenspan, and then Ben Bernanke, make for great TV (otherwise, those hearings are total snoozefests).
05-21-2009, 06:57 PM
"...This creates striking conflicts of interest and unseemly appearances in the management of what is ultimately the public’s money.
* JP Morgan’s CEO was a board member of the New York Fed even as he negotiated on behalf of JP Morgan with the New York Fed for a $29 billion bridge loan to allow his company to take over Bear Stearns.
* New York Fed and Goldman Sachs board member Stephen Friedman purchased 37,300 shares of Goldman Sachs stock in December at the same time as Goldman received permission to convert to a bank holding company regulated by the Federal Reserve. Friedman at the time was also overseeing the selection of a New York Federal Reserve President to replace Tim Geithner, and the New York Fed ended up hiring another alumni from Goldman Sachs.
* According to the bank’s website, the two “class B” directorships of the New York Fed that are supposed to represent the public are vacant.
* Enron’s Jeff Skilling was on the board of the Dallas Federal Reserve Bank..."
05-21-2009, 07:14 PM
Transparency is a goal but its like opening the shades to the kitchen of taco bell, we all know what goes on and the tacos are still crappy. This could be a step to further the governments control of the money supply instead of releasing their grip.
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