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Audit the Fed: Don’t Forget!

 

Audit the Fed: Don’t Forget!

As we continue our efforts to secure a full and thorough audit of the Federal Reserve, it's important to keep in mind what we learned through the partial audit over the summer.

Institutions with the Largest Total Transaction Amounts (Not Term-Adjusted) across Broad Based Emergency Programs with the Federal Reserve from December 01, 2007 to July 21, 2010:

  • Citigroup Inc.: $2.513 Trillion
  • Morgan Stanley: $2.041 Trillion
  • Merrill Lynch & Co.: $1.949 Trillion
  • Bank of America Corporation: $1.344 Trillion
  • Barclays PLC (United Kingdom): $868 Billion
  • Bear Stearns Companies, Inc.: $853 Billion
  • Goldman Sachs Group Inc.: $814 Billion
  • Royal Bank of Scotland Group PCL (United Kingdom): $541 Billion
  • Deutsche Bank AG (Germany): $354 Billion
  • UBS AG (Switzerland): $287 Billion
  • JP Morgan Chase & Co.: $391 Billion
  • Credit Suisse Group AG (Switzerland): $262 Billion
  • Lehman Brothers Holdings Inc.: $183 Billion
  • Bank of Scotland PLC (United Kingdom): $181 Billion
  • BNP Paribas SA (France) $175 Billion
  • Wells Fargo & Co.: $159 Billion
  • Dexia SA (Belgium): $159 Billion
  • Wachovia Corporation: $142 Billion
  • Dresdner Bank AG (Germany): $135 Billion
  • Societe Generale SA (France): $124 Billion
  • All other borrowers: $2.639 Trillion
  • TOTAL: $16.115 Trillion

[Information found on page 131 of the GAO report from July 21, 2011] 

“The Federal Reserve and its loose money, easy credit policies are the culprit for so many of the dire economic problems we face. Americans continue to demand transparency at the Federal Reserve, and Campaign for Liberty is proud to lead the fight to make this legislation the Law of the Land,” said [then] Campaign for Liberty President John Tate. “All across the country, grassroots citizens are uniting behind Ron and Rand Paul and will demand this audit, this year.”

Please visit www.AuditTheFed.com and sign the petition to audit the Federal Reserve.


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