Monday, June 6, 2011

Fed Inspector General Has No Idea Where $9 Trillion in Off-Balance Sheet Transactions Went

Wonder why US Rep Alan Grayson was not re-elected in 2010? Perhaps it had something to do with interviews like this one, where Grayson grills the Federal Reserve's Inspector General and discovers that nobody at the Federal Reserve is keeping track of where over $9 Trillion in off-balance sheet transactions ended up (much less any potential losses!).  Now if The Bernank could just get rid of his other nemesis..one Ron Paul......