Rahm Emanuel Blocking Audit the Fed

[Magicman]

YouTube - White House Wonder Twins Blocking Fed Audit (http://www.youtube.com/watch?v=85uKx9Ao15I&feature=player_embedded)

[Travlyr]

There must be more dirt at the FED than I can even imagine. Would there be such a public outrage with exposure of theft with an "Audit the Fed" law that it would eventually end the Fed?

[Imaginos]

Funny coincidence.
Rahm Emanuel holds dual citizenship and he wants to block an audit the fed.
U.S. banking cartel's big shots want to block the audit and most of them hold dual citizenship or qualified for dual citizenship. (especially Goldman Sachs)
And here's funny part.
All those dual citizenship holders belong to the same country and the country's name starts with I, and ends with L.
Just minor coincidence, isn't it?
:rolleyes:

[specsaregood]

Would there be such a public outrage with exposure of theft with an "Audit the Fed" law that it would eventually end the Fed?

That has been Dr. Paul's position from day one. If not, there is no sane reason to object to it other than as a power play.

[specsaregood]

Interesting how the guy dropped the "corporatist" bomb. Was this term used much/at all before Dr. Paul recently popularized it?

[catdd]

Funny coincidence.
Rahm Emanuel holds dual citizenship and he wants to block an audit the fed.
U.S. banking cartel's big shots want to block the audit and most of them hold dual citizenship or qualified for dual citizenship. (especially Goldman Sachs)
And here's funny part.
All those dual citizenship holders belong to the same country and the country's name starts with I, and ends with L.
Just minor coincidence, isn't it?
:rolleyes:

;)

[devil21]

Dirt? Ha! They know if a full and legitimate audit is done that the Fed will be abolished. They have so many dirty secrets it's absurd. They plan to End the Fed on their own timetable. It's not time yet.

[free1]

May 5 (Bloomberg) -- Senators Byron Dorgan and Charles Grassley plan to propose an amendment to financial reform legislation requiring the Federal Reserve to disclose the terms and recipients of its loans during the credit crisis.

“The Fed has gone beyond what was viewed as its historical authority in the last two and a half years without any transparency or accountability,” Grassley, an Iowa Republican, said today in a press release. “Our amendment changes that by making the Fed’s emergency loan authority subject to the light of day.”

The Fed loaned to dozens of banks, U.S. corporations and bond dealers during the financial crisis through programs designed to provide liquidity backstops. The central bank, by withholding the names of borrowers and the type of collateral they offered, has raised questions about whether the central bank kept insolvent firms afloat.

A report by Lehman Brothers Holdings Inc. bankruptcy examiner Anton Valukas said the investment bank created securitizations for one of the Fed’s emergency programs known as the Primary Dealer Credit Facility “with a view toward treating the new facility as a ‘warehouse’ for its illiquid leveraged loans.”

The U.S. Court of Appeals in New York ruled March 19 that the Fed must release records of the unprecedented $2 trillion U.S. loan programs launched primarily after the 2008 collapse of Lehman Brothers Holdings Inc. The ruling upheld a decision of a lower-court judge who in August ordered that the information be released.

Stigmatizing Borrowers

The Fed argued in the case, which was launched by Bloomberg LP, the parent of Bloomberg News, that disclosure of the documents threatens to stigmatize borrowers and cause them “severe and irreparable competitive injury,” discouraging banks in distress from seeking help. The appeals court panel rejected that argument.

“The American people are entitled to know where these dollars have gone,” Dorgan, a North Dakota Democrat, said in the joint press release. “The Fed refuses to disclose this information to the American people, so we are taking congressional action to determine how the Fed has used these trillions of dollars.”

The Federal Reserve Board asked the appeals court this week to reconsider the March 19 ruling requiring the agency to disclose documents identifying financial firms that might have collapsed without the largest U.S. government bailout ever. If the court refuses, the Fed can appeal to the U.S. Supreme Court.

‘Exceptional Importance’

“The decision is of exceptional importance,” the Fed’s lawyers wrote in a legal brief. “The real-world consequence of the panel’s decision will be serious, perhaps irreparable harm to the institutional borrowers whose information will be revealed.”

The Dorgan-Grassley amendment says that within 60 days after the passage of financial reform legislation the Fed must provide the names of financial institutions that received assistance over the past five years, terms of the loans, and a “full description of any collateral required by the Board of Governors.”

Bloomberg, majority-owned by New York Mayor Michael Bloomberg, sued after the Fed refused to name the firms it lent to or disclose loan amounts or assets used as collateral under its lending programs. Most of the loans were made in response to the deepest financial crisis since the Great Depression.

Lawyers for Bloomberg argued in court that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money.

http://www.bloomberg.com/apps/news?pid=20601087&sid=axJOmPa0wGYw

[Brooklyn Red Leg]

Odd how Dr. Paul's name was not mentioned one time in relation to this, especially when referring to 'Republicans that backed this measure'.

[catdd]

It's just so obvious they are hiding some really bad shit, and you just wonder how long the charade will go on before the courts (pressured by the people) force them to show their hand.

[emazur]

Odd how Dr. Paul's name was not mentioned one time in relation to this, especially when referring to 'Republicans that backed this measure'.

Leave it to Russia Today to cover the Ron Paul angle on this - they even mention how the Fed was created on Jekyll Island:
http://rt.com/Politics/2010-05-05/obamas-man-defending-fed.html

Long before the financial crisis of 2007 crashed across the planet, a soft-spoken Congressman from Texas was leading a one-man campaign that would force the Federal Reserve Bank to crack open its dusty books for an annual public inspection.

Ron Paul, 74, regularly met with howls of protest when he tried to warn about the Bank’s secretive ways. But his dogged determination has (almost) paid off, as dozens of his colleagues are jumping on the audit bandwagon, and his efforts to regulate the Federal Reserve Bank are just a few votes from being realized.

But first, what is the Federal Reserve Bank? Well, considering the strange way it came into existence many decades ago (during a secret meeting on Jekyll Island off the coast of Georgia, attended by a handful of America’s richest individuals), some would argue it is the single most-powerful syndicate ever imagined

[Vessol]

There is no conspiracy people!

Go back to sleep!

[Marenco]

http://rense.com/1.imagesH/auditfed_dees.jpg

[BenIsForRon]

Funny coincidence.
Rahm Emanuel holds dual citizenship and he wants to block an audit the fed.
U.S. banking cartel's big shots want to block the audit and most of them hold dual citizenship or qualified for dual citizenship. (especially Goldman Sachs)
And here's funny part.
All those dual citizenship holders belong to the same country and the country's name starts with I, and ends with L.
Just minor coincidence, isn't it?
:rolleyes:

You are lying sack of crap. MOST? I dare you to name me five people at Goldman who have dual Israeli-American citizenship.

[devil21]

It's just so obvious they are hiding some really bad shit, and you just wonder how long the charade will go on before the courts (pressured by the people) force them to show their hand.

It could go as deep as funding the assassination of JFK and Watergate and stuff like that, hence the extreme resistance to any sort of meaningful audit. What lurks in their records is probably enough to make the most seasoned conspiracy theorist lose their shit.


You are lying sack of crap. MOST? I dare you to name me five people at Goldman who have dual Israeli-American citizenship.

You forgot the second part. He said "or qualified" for dual citizenship, which means anyone of Jewish faith/lineage.

[specsaregood]

You forgot the second part. He said "or qualified" for dual citizenship, which means anyone of Jewish faith/lineage.

I believe the lineage part only applies if via the mother.

[Imaginos]

You are lying sack of crap. MOST? I dare you to name me five people at Goldman who have dual Israeli-American citizenship.
Read my post again.
I said "or qualified to have dual citizenship".
That means, even if you don't have it right now, you can always get it later.
And since you called me 'lying sack of crap', let me ask you this.
Are you trying to defend this banking gangsters or something?
Whom are you working for?
AIPAC? ADL?
:rolleyes:

[Mach]

I don't believe Rahm has dual citizenship

Are you kidding, his dad was with the Irgun (http://en.wikipedia.org/wiki/Irgun), a terrorist organization.


http://upload.wikimedia.org/wikipedia/commons/thumb/5/5f/Hanged_sergeants.jpg/200px-Hanged_sergeants.jpg
Two British Sergeants Hung By the Irgun

[Marenco]

http://conspiracycards.com/Toys/RonPaul_RevolutionComics.jpg

[catdd]

I don't believe Rahm has dual citizenship

Of course he is a dual citizen. Why would you doubt that?

[HOLLYWOOD]

Remember Rahm Emanuel is the Wall Street/Banking Cabal appointee, not the people's choice!

Latest on THE CLEARING HOUSE aka BANKING CABAL attempts to block disclosure of the FED.

http://www.bloomberg.com/apps/news?pid=20601068&sid=acmjbTmTv_TE (http://www.bloomberg.com/apps/news?pid=20601068&sid=acmjbTmTv_TE)

Fed Asks Full Appeals Court to Review Bailout Disclosure Ruling
By David Glovin and Bob Van Voris


May 4 (Bloomberg) -- The Federal Reserve Board asked an appeals court to reconsider a ruling requiring the agency to disclose documents identifying financial firms that might have collapsed without the largest U.S. government bailout ever.
Attorneys for the Fed yesterday asked the full U.S. Court of Appeals in New York to reconsider a unanimous ruling by a three-judge panel. If the court refuses, the Fed can appeal to the U.S. Supreme Court (http://www.law.cornell.edu/rules/supct/10.html). “The decision is of exceptional importance,” the Fed’s lawyers wrote in a legal brief. “The real-world consequence of the panel’s decision will be serious, perhaps irreparable harm to the institutional borrowers whose information will be revealed.”
The Court of Appeals panel ruled March 19 that the Fed must release records of the unprecedented $2 trillion U.S. loan program launched primarily after the 2008 collapse of Lehman Brothers Holdings Inc. (http://www.ronpaulforums.com/apps/quote?ticker=LEMNQ%3AUS) The ruling upheld a decision of a lower- court judge who in August ordered that the information be released.
The Fed argued in the case, which was launched by Bloomberg LP, the parent of Bloomberg News, that disclosure of the documents threatens to stigmatize borrowers and cause them “severe and irreparable competitive injury,” discouraging banks in distress from seeking help. The appeals court panel rejected that argument.

Freedom of Information
The U.S. Freedom of Information Act (http://www.usdoj.gov/oip/), or FOIA, “sets forth no basis for the exemption the board asks us to read into it,” U.S. Circuit Chief Judge Dennis Jacobs (http://search.bloomberg.com/search?q=Dennis+Jacobs&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) wrote in the March 19 opinion. “If the board believes such an exemption would better serve the national interest, it should ask Congress to amend the statute.”
The court was asked to decide whether loan records are covered by FOIA. Historically, the type of government documents sought in the case has been protected from public disclosure because they might reveal competitive trade secrets.

The Fed argued that it could withhold the information under an exemption that allows federal agencies to refuse disclosure of “trade secrets and commercial or financial information obtained from a person and privileged or confidential.”

The Clearing House Association (http://www.theclearinghouse.org/about/association/000223f.php), which processes payments among banks, joined the case and sided with the Fed. The group includes ABN Amro Bank NV, a unit of Royal Bank of Scotland Plc, Bank of America Corp. (http://www.ronpaulforums.com/apps/quote?ticker=BAC%3AUS), Bank of New York Mellon Corp., Citigroup Inc. (http://www.ronpaulforums.com/apps/quote?ticker=C%3AUS), Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co (http://www.ronpaulforums.com/apps/quote?ticker=JPM%3AUS)., US Bancorp and Wells Fargo & Co. (http://www.ronpaulforums.com/apps/quote?ticker=WFC%3AUS)

Clearing House Petition
The Clearing House yesterday also filed a petition asking the full court to reconsider the decision.
Bloomberg, majority-owned by New York Mayor Michael Bloomberg (http://search.bloomberg.com/search?q=Michael%0ABloomberg&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), sued after the Fed refused to name the firms it lent to or disclose loan amounts or assets used as collateral under its lending programs. Most of the loans were made in response to the deepest financial crisis since the Great Depression.

Lawyers for Bloomberg argued in court that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money.
In its new court papers, the Fed argued in a 16-page brief that the three-judge panel made two “significant but erroneous” legal rulings in March.
First, the panel created a conflict among circuit courts of appeals by refusing to consider the potential harm to the agency’s “ability to carry out its functions” and to “manage the national economy.”

Fed Arguments
“Disclosure of the identities of borrowers using the emergency lending facilities will dramatically reduce the effectiveness of those facilities,” the Fed argued. “Borrowers will be deterred by the stigma associated with use of these facilities, and will avoid using them, as is evident from the very high interest rates banks are willing to pay to borrow in the private federal funds markets, rather than come to the discount window.”
Second, the Fed said, the three judges were incorrect in March when they ruled that the documents reflected the agency’s own actions. In fact, the documents were obtained from the borrowers themselves and should not have been made public under exceptions to the federal disclosure rule, the Fed argued.
The case is Bloomberg LP v. Board of Governors of the Federal Reserve System, 09-04083, U.S. Court of Appeals for the Second Circuit (New York).
To contact the reporters on this story: David Glovin (http://search.bloomberg.com/search?q=David+Glovin&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) in New York at dglovin@bloomberg.net; Bob Van Voris (http://search.bloomberg.com/search?q=Bob+Van+Voris&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) in New York at vanvoris@bloomberg.net.

[jake]

that comic made my day, thanks Marenco!

[catdd]

You probably haven't looked for it.