Clan x86

Off topic/Crap => Trash Can => Topic started by: CrAz3D on May 07, 2009, 08:23:19 pm

Title: Not even the Fed knows what the Fed is doing
Post by: CrAz3D on May 07, 2009, 08:23:19 pm

http://www.youtube.com/watch?v=PXlxBeAvsB8&eurl

so we're just supposed to sit here and accept whatever they do, even though THEY dont know what they do?  Great.  Just great.

Title: Re: Not even the Fed knows what the Fed is doing
Post by: Warrior on May 07, 2009, 08:43:38 pm

Fed Inspector when reached for a comment by The Huffington Post:

Quote

Let me clarify a common misconception about my office's responsibilities. By law, we are the Office of Inspector General for the Board of Governors only. I am not the Inspector General for the 12 Reserve Banks.

The lending programs operated by the Reserve Banks expanded the Federal Reserve's balance sheet.

Reserve Bank audit and oversight is provided by:

•The Board of Governors through its supervisory and oversight functions;

•An independent public accounting firm that conducts the annual financial statement audit,
the results of which appear on the Board's website;

•Reserve Bank General Auditors, who report to the Bank's Audit Committee;

•The Government Accountability Office; and

•The Special Inspector General for TARP (for those lending programs that include TARP
funds).

Consistent with my authority, we cannot conduct a direct audit of Reserve Bank operations.
However, as the Board's IG, my office is reviewing the Board's supervisory and oversight
functions as they relate to the Reserve Bank's lending programs.