It would appear that the comments in this thread have pretty well covered the IG's lack of awareness, so I would like to commend the questioner, Rep. Alan Grayson on his preparedness and common sense. A Democrat no less ! [much better than the Democrat whose only line of question was "Raise your hand if you have an airplane"] Here is another video by the same Congressman: <object width="445" height="364"><param name="movie" value="http://www.youtube.com/v/fvVJ7U-TekE&hl=en&fs=1&border=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/fvVJ7U-TekE&hl=en&fs=1&border=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="445" height="364"></embed></object>
Ditto, thanks for the link, however, I would doubt that all of the off balance sheet transactions are covered. I might have my agencies confused, but a FOI request was denied for the approx 2 trillion in bailout money as far as who received it.
Daal, well done on that info, but that just makes her look even more stupid if she wasnt able to site those herself.......
The Federal Reserve auditing themselves is the same as Enron being audited by Arthur Anderson or Madoff being audited by his brother's accounting firm. Private audits by private companies are simply not that reassuring. One of the companies who used to audit the Fed is no longer in business and has overlooked frauds in other companies. Cooper smth, I think. The Fed is not required to be audited and does this as mere Public Relations. If the firm would have started raising any issues, they would simply be fired and another would be rehired. Somehow, Deloitte Touche being the firm (another big 5 accounting company) is a not surprise. Even though in the 1970s Congress passed a law required GAO audits of the Fed, they got out of it via a Supreme court decision which basically stated that the Fed is independent of the US government, hence does not fall under that jurisdiction. Listen, if you really think the Fed's audits are so legit, try pulling the same trick when seeking Private Equity or Angel investor capital. You will quickly be told that unless they do their own audit with their own accountant of choice, there is nothing else to talk about as your financial statements cannot be verified.