Nine Trillion Dollars Lost, And Your Government Doesn't Care

Usually I try to be a tad escapist on Sunday posts; I was all set to get a bit maudlin and reflective since I've spent the entire weekend rearranging my cabin, which looks like a tornado ripped through, to accommodate the furniture and other family articles from my father's house. I'll write about that next week, perhaps.

In the meantime, having gone to Wordsmith's and read his Friday post, I decided I absolutely must replicate the video here with some additional comments and notations. And I may leave this post up for an extra day or two, so as many readers as possible understand:

Your federal government cannot account for $9 trillion of your taxpayer dollars, and it apparently couldn't care less.

First, watch the video:



Then, from the article:

The Federal Reserve apparently can't account for $9 trillion in off-balance sheet transactions.

When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed's expanded balance sheet, the IG didn't know.

Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.

After viewing the video, do you possess any inclination to think that the IG for the Federal Reserve seems to much care, or is much motivated?

How about this for a motivation: I'd recommend a nice, cold, miniscule JAIL CELL for this incompetent.

And I have another series of recommendations:

It is far PAST time to track white collar crime and then chip up the penalties to persons responsible for public and private losses.

You may not know it, but all law enforcement agencies are mandated by federal law to track and classify crimes so that the FBI can complile and disseminate crime trends and statistics for the nation. Sadly, white collar crimes are NOT a mandated federal tracking point. They NEED to be.

Further, there absolutely must be stratospherically-higher penalties for white collar crimes.

I recommend that prison sentences up to and including LWOP (life without parole) and DEATH be federally instituted and based upon the dollar amount of losses suffered by injured parties and/or victims, on a predetermined sliding scale.

For example, Kenneth Lay of Enron should have had his penalty be death, for the staggering monetary losses he forced uninvolved parties to suffer in their retirement funds and otherwise. At MINIMUM his penalty should have been LWOP in Leavenworth or the United States Penitentiary Administrative Maximum Facility (ADX) -- otherwise known as Colorado's Supermax. No "Club Fed." Mostly like any given federal prison more aligned with a possible "Club Ass-ream" under the tab of "be my white bitch." Michael Milken, junk bond king, should have suffered the same fate.

These penalties would also, of course, attach not just to private firms and persons but government appointees and administrators as well.

Like, say, the completely clueless, incompetent, uncaring, uninterested, unmotivated "Inspector General" Elizabeth Coleman of the Federal Reserve.

How can you not know or not care where or how $9 TRILLION taxpayers dollars are and disappeared? This is, clearly, negligence beyond negligence.

BZ