Remember the Audit the Fed bill that was supposed to bring the financial system to its knees if Congress dared pass it? Remember the toothless, watered down version that finally made it into Dodd-Frank and at the time was itself controversial?
Pursuant to direction under Dodd-Frank, the Government Accountability Office today released a 266 page report detailing its findings after a review of the numerous emergency programs instituted by the Federal Reserve from 2008 to 2010. Among the many findings was that the bulk of over half billion dollars in service contracts were awarded without bid. While the report is a step in the right direction, its failure to mention the most suspicious contract (about which we know only because of Congressionally subpoenaed email records of the New York Fed), suggests the review was either facile or compromised. In other words, we cannot rely on even the simplest of half measures when it comes to providing Fed accountability.
http://english.economicpolicyjournal.com/2011/07/gao-audit-of-federal-reserve-no-bid.html
And here's a follow-up piece.
http://english.economicpolicyjournal.com/2011/08/more-on-how-gaos-phony-fed-audit-failed.html
