Dy’er Sez: And here’s another story to back up the last one I posted. Does anyone still think the Fed should have oversight over anything? Does anyone still think that the fed should not be audited?
Story from PrisonPlanet:
Bernanke: “I Don’t Know” Which Foreign Banks Were Given Half a Trillion
Grayson grills Fed chairman on destination of credit swaps
Paul Joseph Watson
Federal Reserve chairman Ben Bernanke was confronted yesterday by Congressman Alan Grayson about which foreign banks were the recipients of Federal Reserve credit swaps, but he was unable to provide an answer as to where over half a trillion dollars had gone.
Asked which European financial institutions received the money, which was handed out by The Federal Open Market Committee (FOMC), a component of the Federal Reserve System, Bernanke responded, “I don’t know.”
“Half a trillion dollars and you don’t know who got the money?” asked Grayson.
As we have previously reported, the destination of trillions in bailout funds remains hidden after the Fed refused to disclose where it had gone despite a lawsuit filed by Bloomberg.
Bernanke said the Fed had a “long standing legal authority” to hand money to foreign banks under section 14 of the Federal Reserve Act, a claim contradicted by Bernanke’s own report, as Grayson soon highlighted.