Can anyone else hardly wait until Chris Dodd is out of the Senate? Here we go again. The effort to Audit the Federal Reserve, which received a House Majority and survived the House Financial reform bill, of course is being blocked in the Senate.
A House-passed provision to open up the Federal Reserve to an audit by the Government Accountability Office is unlikely to be included in the Senate reform package, Barney Frank told a meeting of House Financial Services Committee members Wednesday, according to people in the room.
Frank, chairman of the committee, told the members that Senate Banking Committee Chairman Chris Dodd (D-Conn.) told him that he had assured Sen. Judd Gregg (R-N.H.) that it wouldn't be a part of the bill. Gregg has been a strident opponent of the effort to open the Fed to an audit.
So hilarious, the claim now is the movement to audit the Fed is simply Populist pander, as if somehow the will of the people is a good reason to stop a movement. Uh, no, I do not believe Bloomberg News is a bastion of Populism and they cannot find out who received $2 trillion dollars in loans from the Federal Reserve.
Naked Capitalism now asks So Why is the Fed So Desperate to Keep Maiden Lane III Details Secret?:
You will hear much more about this topic (AIG and Fed secrecy) here on Friday, but Bloomberg reports the lengths to which the Fed has gone to try to keep the details of Maiden Lane III, the entity created to buy drecky CDOs from AIG counterparties who received 100% credit default swap payouts.
Get a load of this, the Fed was arguing that info IN THE PUBLIC DOMAIN should be treated as confidential! The Ministry of Truth in action.
The above and many other events just like them is the reason we need to audit the Federal Reserve. One must wonder who has bought off Dodd and Gregg and what is it they want kept secret and why?