Burgess COMMENTARY
This exchange during a Congressional hearing in 2012 is deeply disturbing, but really not surprising. In my experience there are a large number of employees of the Government and other institutions in Washington who are in employment but have little or no understanding of what they should be doing. I am appalled ... but as I already observed ... not surprised!
Peter Burgess

$9,000,000,000,000 MISSING From The Federal Reserve SHOCKING FOOTAGE

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Published on May 13, 2012

Transcript

English (Automatic Captions)

0:01thank you very much mister chairman I'm 0:03inspector khomeni your the inspector general with a reserve right 0:07okay it's cracked have you done any investigations concerning the Federal 0:12Reserve's role in deciding not 0:14to save Lehman Brothers which lead to shock ways than one through the entire 0:18financial system I'm in 0:22that particular area you know I don't gently comment on specific 0:26investigations but 0:27we do not currently have an investigation that particular area 0:30alright what about the one trillion dollars plus an expansion 0:35other Reserve's balance sheet since last September 0:38have you conduct any investigations regarding that 0:41week right now we have a.m. 0:45it's called we call it a review and a 0:48hey if you get the term investor gation they have different 0:51I connotations three actually conducting up fairly high level review 0:56up the various lending facilities collectively which would include on 1:00you know the town of on a variety of the different programs there in process 1:05we're looking at them in a fairly high level to identify risk 1:07well I understand that but we're talking about events that started unfolding 1:12eight months ago have you reached any conclusions 1:14about the Fed expanding its balance sheet over a trillion dollar since last 1:19September 1:19you not yet reached any conclusions you know who receive that money 1:23for the 1:27we're in the process right now 1:30at doing our review and Dom right but you're the Inspector General my aunts my 1:35question specifically is do you know 1:37who receive that one trillion dollars plus that the Fed extended input on its 1:42balance sheet since last September to know the identity recipients 1:45I do not know we have not liked at that specific area 1:48at this particular point on those reviews and what about 1:55I'm Bloomberg's report that there are trillions of dollars and off balance 1:59sheets transactions 2:01that the Fed Reserve is entered into sense last september 2:04are you familiar with those off-balance sheet transactions 2:08you know I I think it may be on import at this point to just to bring up bomb 2:14a certain aspect related to our jurisdiction unjust it 2:18to clarify perhaps in my earlier I'm comments 2:22we are the Inspector John for the border governors and we have direct oversight 2:26over four programs and operations 2:28and are also able to look at for delegated punch into the Reserve Bank's 2:32as well as on its 0 the board's oversight and supervision at the Reserve 2:36Bank's 2:37we do not have jurisdiction to directly go out im 2:41and audit Reserve Bank activities specifically 2:44nevertheless and I'm lending facilities project for example 2:48they're looking at be the board's oversight 2:52over the program and I'm to the extent that 2:55extends out to the Federal Reserve Bank of New York well I have a copy of the 2:59Inspector General act here in front of me that says among other things that 3:02it's your responsibility to conduct the supervisor audits and investigations 3:06relating to the programs and operations that your agency 3:09that's correct so I'm asking you if your agency has in fact according to 3:12Bloomberg 3:13extended nine trillion dollars in credit which by the way works out to thirty 3:16thousand dollars for every single man 3:18woman and child in this country I'd like to know if you're not responsible for 3:23investigating that 3:24who is new me actually 3:28we have responsibility for the Federal Reserve's programs and operations 3:33audits to conduct on its investigations in that area 3:36on in terms of who's responsible for investigating 3:42would you mind repeating the question what I'm what have you done 3:47to investigate the off-balance sheet transactions 3:51conducted by the Federal Reserve which according to Bloomberg now total 3:55nine trillion dollars in the last eight months I 3:59I'll have to look specifically at the Bloomberg article I am I'm not 4:03on I I don't know if I have actually seen a particular one 4:07that's not the point the question is have you done any investigation or 4:11auditing 4:12off-balance sheet transactions conduct but the reserve 4:15at this point where they're very we're conducting our lending facility project 4:19at a fairly high level im not gotten 4:21to a specific level of detail to really be in a position to respond 4:25to your question have you conducted any investigation or auditing 4:29up the lawsuits that the Federal Reserve is experienced 4:32on its lending since last September 4:36we're still in the process conducting that review until we actually 4:40you know go out and and gather the information I'm not in a position to 4:44really respond to 4:45to the specific question so are you telling me that nobody the for Reserve 4:49is keeping track on a regular basis 4:51up the losses that occurs on what is now 4:54a $2 trillion dollar portfolio 4:57I don't know if your telling me that they're your 5:01mentioning that there's losses I'm just saying that we're not 5:04and tell me actually look at the program and have the information 5:09we are not in a position to say whether their losses or 5:12to respond in any other way to back them mister chairman Mike my time is up but I 5:16have to tell you honestly I am shocked to find out 5:19but nobody the for reserve including inspector-general is keeping track in 5:22this Published on May 13, 2012 Rep. Alan Grayson questions the FED inspector General where $9 TRillion dollars went... and Inspector General Elizabeth Coleman hasn't a clue...Dunno whether to laugh or cry - I am still getting over the shock and have watched 4 times - LISTEN carefully to what she says - THEY HAVE NO JURISTRICTION to investigate the fed!!! Only their programs?? OK the world has been fooled long enough ENOUGH ENOUGH!!! Get the hell outa paper money people and if you buy gold and silver - get the real stuff not paper gold etc. This is pure evil! I am not sure exactly when this took place - anyone have any idea when this was? Category News & Politics License Standard YouTube License