The Most Vanilla Audit Ever; Scoping Out The Fed.

Posted by politicalpartypooper on May 12, 2010

From the Huffington Post:

The amendment to open the Fed to a one-time audit of its lending between December 1, 2007 and the present passed 96-0.

Good.  We’re auditing the Federal Reserve Bank.  One time.  From December 1, 2007 until today.  Awesome.

While this represents a small step in Fed transparency, it doesn’t come close to what The People asked for, which was an audit that went back to the mid-nineties and was ongoing.  I am sure we will see a few things that most citizens won’t like, but I am also sure that the Fed and its Wall Street friends have more than enough money to buy the “proper” spin from both parties.

I have questions.  Who does the audit?  Congress?  If so, then we might as well not audit them at all.  If you want a real audit, it has to be done by independent accountants, and preferably not by a huge accounting firm that gives millions to Washington, but by individuals hired to sit a commission; accountants without ties to Washington or politics.  Accountants who will know fraud, waste, and abuse when they see it, and whose first call won’t be to the Fed or to the sitting Congressional chairman, but to his superior, who will call the District Attorney (or Attorney General, whoever has jurisdiction).

The measure passed 96-0.  When I see votes like that, I immediately think “political posturing, photo-op.”  This is a populist issue, and Congress can read tea leaves.  But you just know that they have already figured out how to make this audit the most vanilla audit ever.    Ω


4 Responses to “The Most Vanilla Audit Ever; Scoping Out The Fed.”

  1. staci said

    Ya know, PPP, I’ve often thought that one way to create a few jobs will be to hire “regular” American citizens across the entire country to watch the money. Maybe 1000 folks to watch the federal dollars and 500 folks to watch the state dollars. These citizens/jobs would only have oversight powers to look at the contracts including material pricing, labor costs and especially all overruns. All found fraud would result in a small percentage bonus for the employee and mandatory jail time for the company/person committing the fraud. All the money “saved” (and I think it will be tons of loot) will go towards paying down the deficit only. It would be an ongoing audit in real time, and these jobs don’t go away — EVER.

    • politicalpartypooper said


      Your idea would work so long as these “auditors” weren’t career auditors. We’d need to replace them every couple of years to keep them honest.

  2. Liberty4ever4all said

    By 2007, seven years after leaving the White House, the Clintons had earned a combined $109 million through speaking engagements and bestselling memoirs. Even so, apparently they would prefer American voters to settle Mrs Clinton’s remaining $771,000 debt rather than paying it themselves.


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