Saw some junk from bloggers today on the web regarding the Government Accounting Office had completed the first ever Federal Reserve Audit.
The web is full of conspiracy theories and Elvis sighting in a tossed salad of the best of Jerry Springer and Wallmart Weirdos.
The reliability of bloggers is well known. The magnitude of the claim was enough for Mitoosense to seek out the truthometer. I skipped the Senator's website and went directly to the GAO and found the Dodd-Frank Act had a last minute section requiring the audit.
The Audit GAO-11-696 dated July 21, 2011 is available online all 266 pages. I looked through the audit quickly attempting to locate the 16 trillion claimed by Sanders.
My brief review found the report to be recorded in billions of secret dollars. Further I found several bottom lines that totaled numbers in excess of 2 and 3 thousand billions. These numbers could easily total 16 trillion claimed by Bernie Sander's website.
Mitoosense revealed days ago the 1.2 trillion announced by Bloomberg Business via Yahoo. I expected the $16 trillion would be a exaggerated figure. After my review it looks like the $1.2 trillion is a vast under estimate. Possibly a leaked figure to lessen impact of today's $16 trillion numbers. It's important to note: I picked this up from a blogger like Mitoosense and found no reference carried by Yahoo or MSN. It is a confirmed credible report released by GAO.
The secret Fed money went to the 2big2fail Financial Institutions. Most of which was provided by Federal Reserve Bank of New York and Tim Geithner who headed same.
These numbers dwarf any handouts from public TARP provided by Bush43. It appears as the Fed was handing out TARP money they also handed out secret cash to US institutions and Foreign Finance Institution as well. There seems to be a lid on the whole report not carried by Cable News or WEB News. Hush Hush thus far. The stock market took a tumble today but the reasons are unclear.
If true the secret $16 trillion reaches a level of corruption in central government warned against by the founder's of the US Constitution. This is the very reason they included the Second Amendment in the Bill of Rights as a last resort remedy for corruption of this magnitude.
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