In response to:

Auditing the Federal Reserve is More Urgent Than Ever

shemmes Wrote: Jul 24, 2012 2:23 PM
Julie: In my accounting class in college, here is an article you need to hear about: "The Seven Trillion Dollar Mistake." Re: GAO; Senator Charles Grassley (R-Iowa) said in 1998 after embezzlements at U.S. installations were allowed to occur because of weakness in the Pentagon's accounting system. A year later, precision was still lacking at the Department of Defense. Pentagon money managers required almost $7 Trillion dollars of accounting adjustments and represents an accountant's correction of the discrepency.: Julie Malone, "Auditors cite failings in 11 out of 24 agencies," Atlanta Constitution, March 31,2000. John M,. Donnelly, "Pentagon's Finances Just don't Add up." Los Angeles Times, March 5, 2000, Ralph Vartabedian LA times

No government institution is more secretive than the Federal Reserve. Believe it or not, the Central Intelligence Agency (CIA) is more transparent than the central bank of the United States. This is a huge cause for concern as the Fed dramatically affects the lives of every single American.

The Fed has never been fully audited in its nearly 100-year history. The American people only got a small glimpse of what happens behind closed doors last July. A watered-down audit conducted by the Government Accountability Office (GAO) revealed $16 trillion in Fed bailouts to banks and corporations around the world at...