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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Moominoid who wrote (9154)3/23/2008 3:21:51 AM
From: John Pitera   of 33421
 
The connection is that the link you provided for Federal Reserve audits indicates that they don't engage in a full audit.

The link you submitted indicates that the GAO audit is a limited audit that does not include an audit of the Federal Reserves Open Market Operations activity. Since that is the single biggest part of their activities and should be a very large part of their income statement and balance sheet.

any type of accounting of and auditing of is very incomplete.

a rough analogy, it's like looking at the LA Dodgers Hot dog and concession sales per game and not examining the revenue from the ticket sales and broadcasting revenue.

--------------------

and dwell on these few sentences from the evidence that you presented....

Exemptions to the Scope of GAO Audits
The Government Accounting Office does not have complete access to all aspects of the Federal Reserve System. The law excludes the following areas from GAO inspections (31 USCA §714):

(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, open market operations;

(3) transactions made under the direction of the Federal Open Market Committee; or

(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees ofthe Federal Reserve System related to items.

John
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