Quote:
Originally Posted by marketsmart
i cant believe the fed agreed to the audit..
i thought the have been fighting that for the last 2 years..
staggering numbers...
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Dodd-Frank required it. I think we can assume the report was massaged somewhat.
I've read in quite a few places estimates of the balout at about 8 trillion - the GAO report suggests at least twice that much, if the summaries so far are reliable. It's a dense report written in financialeze.
From the GAO report:
Why GAO Did This Study
The Dodd-Frank Wall Street Reformand Consumer Protection Act directedGAO to conduct a one-time audit of theemergency loan programs and other assistance authorized by the Board of Governors of the Federal ReserveSystem (Federal Reserve Board)during the recent financial crisis. This report examines the emergency actions taken by the Federal ReserveBoard from December 1, 2007, throughJuly 21, 2010.
http://www.scribd.com/doc/60553686/G...-Investigation