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Thread: Fed being sued

  1. #1
    http://online.wsj.com/article/SB1000...160795098.html


    BY DAN FITZPATRICK AND JON HILSENRATH


    The Federal Reserve is fighting a subpoena from lawyers in a civil lawsuit who want the central bank's chairman, Ben Bernanke, to testify about conversations he had with Bank of America Corp. executives before the lender completed its purchase of Merrill Lynch & Co.The three-year-old class-action suit alleges that the Charlotte, N.C., bank and Kenneth D. Lewis, then its chief executive, misled shareholders about ballooning losses at Merrill before the $19.4 billion acquisition was approved. The government provided $20 billion in U.S. aid after Bank of America officials told Mr. Bernanke and then-Treasury Secretary Henry Paulson in December 2008 ...

    Six major corporations own 90% of all the major news outlets.

    The median net worth of a member of Congress climbed to $913,000, a 15 percent increase from 2004 to 2010. During the same period, the net worth of the average American dropped 8 percent.

    "The Best Way to Rob a Bank is to Own One", William K. Black, former bank regulator
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  2. #2
    Shut that mother down. Sound money! No more wars, no more printing money, end the fed.

  3. #3
    It should be a class action suit with about 6 billion signatures.

    Six major corporations own 90% of all the major news outlets.

    The median net worth of a member of Congress climbed to $913,000, a 15 percent increase from 2004 to 2010. During the same period, the net worth of the average American dropped 8 percent.

    "The Best Way to Rob a Bank is to Own One", William K. Black, former bank regulator
    Reply With Quote

  4. #4
    Quote Originally Posted by fazole View Post
    It should be a class action suit with about 6 billion signatures.
    Amen to that. Question I have though, is if the fed is sued, where does it get its money? In other words, whats to say it doesn't just print money to accommodate any lawsuit, and further inflate the currency?

  5. #5
    Ha. Ha. That's like suing any govt. dept. It's not their money. I ran into the same thing with my HOA. Hopefully, the suit would OPEN up the Fed to more scrutinty and while we're at it, audit Fort Knox.

    Six major corporations own 90% of all the major news outlets.

    The median net worth of a member of Congress climbed to $913,000, a 15 percent increase from 2004 to 2010. During the same period, the net worth of the average American dropped 8 percent.

    "The Best Way to Rob a Bank is to Own One", William K. Black, former bank regulator
    Reply With Quote

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