Illustration by Victor Juhasz
In another era, we would see Congressional hearings on this matter within days.
Darrell Issa and Spencer Bachus are now on the clock.
By Matt Taibbi
For Rolling Stone
Why is the Federal Reserve forking over $220 million in bailout money to the wives of two Morgan Stanley bigwigs?
Most Americans know about that budget. What they don’t know is that there is another budget of roughly equal heft, traditionally maintained in complete secrecy. After the financial crash of 2008, it grew to monstrous dimensions, as the government attempted to unfreeze the credit markets by handing out trillions to banks and hedge funds. And thanks to a whole galaxy of obscure, acronym-laden bailout programs, it eventually rivaled the “official” budget in size — a huge roaring river of cash flowing out of the Federal Reserve to destinations neither chosen by the president nor reviewed by Congress, but instead handed out by fiat by unelected Fed officials using a seemingly nonsensical and apparently unknowable methodology.
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Phi Beta Iota: In terms of accountability, it is important to remember that the government is supposed to be accountable to the public, and that corporations (and banks) have public charters that can be revoked. It would appear no one in the United States of America is actually serious about the concept of accountability.