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To: Bid Buster who wrote (29427)	2/26/2003 4:55:00 PM
From: X Y Zebra	Read Replies (2) \| Respond to of 57110

thanks... but what about the second to last question ... [who owns the regional banks?]

To: Bid Buster who wrote (29427)	2/26/2003 5:09:16 PM
From: X Y Zebra	Respond to of 57110

the answer to my question... ny.frb.org Are the Federal Reserve Banks private companies? Federal Reserve Banks, created by an act of Congress in 1913, are operated in the public interest rather than for profit or to benefit any private group. Member banks hold stock in their regional Reserve Banks, but do not exercise control over the Reserve Bank or the Federal Reserve System. Holding this stock does not carry with it the kind of control and financial interest that holding publicly traded stock allows. Fed stock cannot be sold or traded. The member banks receive a fixed 6 percent dividend annually on their stock and elect six of the nine members of the Reserve Bank’s board of directors. So, who owns the Fed? Although it is set up like a private corporation and member banks hold its stock, the Fed owes its existence to an act of Congress and has a mandate to serve the public. *Therefore, the most accurate answer may be that the Fed is "owned" by the citizens of the United States.* _____________________ Yeah right... just like Enron execs were entrusted with the "best interest of shareholders" deeds.... better than words...