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Author Topic: Ben Bernanke & Congress - Is it a substitute for a robust forensic audit?  (Read 1592 times)
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WhiskeyGirl
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« on: July 21, 2009, 07:39:17 AM »

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Bernanke in the Hot Seat for Bailouts, Recovery

Fed chief is scheduled to deliver a fresh report on the country's economic and financial health in back-to-back sessions on Capitol Hill

...

Skeptical lawmakers also are expected to voice concern about an Obama administration proposal that would expand the Fed's oversight duties over big, globally interconnected financial companies whose failure could imperil the national economy.

http://www.foxnews.com/politics/2009/07/21/bernanke-preps-hot-seat-bailouts-recovery/

Is a report to Congress a substitute for robust auditing?  A forensic peek at the books?

I think the best answers will come from auditing the Treasury, Federal Reserve, and those big TARP recipients, like Goldman Sachs. 

Where did all the money go last year?

What goes on in those Dark Pool that Goldman (and others) participate in?

Any regulator want to know who would want to trade anonymously?  Martha Stewart went to jail for using insider information.  How many in those trades might be eligible?  Oops!  Forgot they can't be tracked.

Doesn't anyone in Congress or the White House want to know how Goldman got toxic assets when they don't have 'consumer' exposure?  I do.

Doesn't anyone in Congress want to know if Goldman (and others) may have manipulated the markets with their super secret Dark Pool software?  Isn't Goldman the leader in stealth electronic trading?

Speaking before Congress or the House Financial Services Committee doesn't seem to add any knowledge or value to solving the problem at hand - economic collapse.

I think a good robust audit, with some good forensic folks would be a good start.

jmho
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WhiskeyGirl
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« Reply #1 on: July 21, 2009, 09:06:41 AM »

Here are the questions I'd like to see answered through a robust audit.

What are the financial interests that existed in 2007, 2008, and 2009 between Goldman Sachs and Geithner, Bernanke, Paulson, the Czars, and other government employees and appointees?

Warrants?  Options?  Stock?  Dark Pool business?

Same question for Lehman and the others that were allowed to go under.

Audit the Dark Pools and their financial accounts, both domestic and foreign. 

How is it possible that all this trading goes on in secret?  All the transactions hidden?  If the transactions are hidden, I would imagine the bank accounts are secret too.

Is transparency a code word for corruption?

jmho
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It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #2 on: July 21, 2009, 09:13:56 AM »

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While chief executive of the Goldman Conspiracy for years before he took over the U.S. Treasury, he helped create the global $523 trillion derivatives bubble building into the 2007-2008 credit meltdown. Back in August 2006, he privately warned the White House: "Over-the-counter derivatives [were] an example of financial innovation that could, under certain circumstances, blow up in Wall Street's face and affect the whole economy." Yet to the last minute he said they were "contained." Paulson left Goldman with a personal fortune of $700 million, which was put in a tax-free trust when he became Secretary. He needed to protect it, and his legacy. Paulson was Wall Street's Trojan horse when the derivative markets collapsed last fall when he nudged Congress into protecting so-called "too big to fail" banks rather than protect the banking system itself and the American taxpayer. When the meltdown pushed Paulson back in the center ring, he took command with a mini-memo nudging Congress into giving Wall Street $787 billion TARP money, with his old buddies in the Goldman Conspiracy in a favored position. If you believe his critics, Paulson nudged two of Goldman's strongest competitors into bankruptcy, and nudged the system into protecting AIG's debt obligations to Goldman. He nudged Bernanke's Fed into protecting the Goldman Conspiracy as a new "too big to fail" commercial bank, with guarantees on debt, which helped their stock triple from lows of $50, and helped in their recent $1 billion bond sale. His nudges made possible ten $100 million trading days this year for their quants' use trading algorithms that they admit manipulate markets for insider profits. Thanks in part to his nudging, the Goldman Conspiracy is already back with a whopping $3.4 billion quarterly profits, and average bonuses on track to hit a record $700,000. And it'll get worse. In his recent Rolling Stone story, "The Great American Bubble Machine," Matt Taibbi details Goldman's "gangster economics" strategy, which has worked for them since the 1930s Great Depression. They are already setting up a new global derivatives bubble: "As envisioned by Goldman, the fight to stop global warming will become a 'carbon market' worth a trillion a year."

So that's why Paulson's been silent, waiting patiently to cash in on engineering this brilliant takeover of the American government by the banking industry.

http://www.foxbusiness.com/story/markets/industries/finance/goldman-pay-paulson-fat-bonus/
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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