That’s right folks, trillion with a T. This is the same shadow agency that Barack Obama wants to hand massive new powers to in order to theoretically streamline federal financial regulatory activities. Theoretically.
There’s a little problem at the Federal Reserve though. Federal Reserve Inspector General Elizabeth Coleman can’t seem to find a trillion dollars in losses that happen to be on the FR balance sheet. Apparently they know the losses exist, but the IG (this one was not fired), cannot account for the money. That’s just peanuts though.
There are also $9 trillion in off-balance sheet transactions that the IG seemingly has no clue about. At a hearing in May, her response to a question by Alan Grayson (D-FL) was almost as comical as Obama stating he didn’t know about the Tea Parties. This was a whopper. She didn’t know about the $9 trillion. In fact, she stated she really didn’t have the jurisdiction to audit anything outside of what the Board of Governors controlled (that would be the FR Liz).
Now Barack Obama wants to give this same Federal Reserve new powers to regulate companies, consolidate existing agencies, and play watch dog for the rest of us, even though trillions…with a T folks, remain unaccounted for. This should be headline news. Instead we get 24-hour coverage of child molester pop star drops dead. That’s our news.
This is like asking Bernie Madoff to keep an eye on your money. Is this change we can believe in? I don’t know about the change; the Federal Reserve has been a murky entity from day one. You sure as hell better believe it though.
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