Tuesday, February 28, 2012

Federal Reserves gets an audit and it's real ugly

I couldn't resist sharing this so here we go directly from the website of Bernie Sanders the current US senator of Vermont.
Copy and pasted directly from: http://www.sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

To read the GOA (Government Office of Accountability) PDF document go to: http://www.sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf

July 21, 2011
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.
The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse.  In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.
For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed.  Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs.
In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds.  One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest.
To Sanders, the conclusion is simple. "No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed's board of directors or be employed by the Fed," he said.
The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.
The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo.  The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.
A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."

Saturday, February 25, 2012

My journey to find my voice

Hello friends,

As some of you may have noticed I have been deviating from my original blog posts in which I introduce my current writings and shorts stories.  The purpose of this respite was to remove the self-imposed pressure I was putting on myself to write.  In my journey to find my voice I have not only found what I was looking for but I have also found a great deal more.  My initial problem with this whole author thing was selling or attempting to sell my works.  This concept of actively trying to sell my work left a bad taste in my mouth since all I wanted to do was share my stories and experiences with those that cared to read them.  I have no problems with others trying to sell their wares its just not for me I want to share my writing not sell it.  "Well that's ridiculous" you may say and you may be right but I can't deny my feelings on this.  In the days ahead I will be posting more and more about the new stories that I am working on, which will be vastly different than any other project I have worked on in the past.  This evolution so to speak is not only in my writing but it has also had a profound impact on my entire being. I look forward to begin introducing these new stories from time to time and I hope you the reader enjoy my work.  As I develop more and have more stories to share I will be simply asking for donations for giving my stories away.  I am aware that money makes the world go 'round but my stories will not be part of that capitalist system I would rather work from a charitable point of view and those that wish to offer some financial support may do so from their own freewill.   So with that being said I have two stories that I am prepared to email to you at your request free of charge no questions asked.   The two stories that I currently have available are A Time to Forget and Devon and Paula.

Shoot me an email at njlawcynell@gmail.com to request a copy of one of stories in Microsoft word format.

Until next time
Be well and Be aware
Nathan J. Lawcynell

Thursday, February 9, 2012

What 2012 means to me

Picture from openhandweb.org
Greetings everybody,
    I know what you are thinking...'Not another prophecy post'
    Allow me a moment to say this post is NOT about the end of the world, it is about the beginning a new way of thinking.
    I have been researching this current year for about 15 years now and low and behold here it is.   I am well aware of all the prophecies and premonitions with regards to the strange enigma, that is this year.
    What do I expect to happen?  To be honest, I don't truly know and those that do are probably trying to sell you something whether it be survival food, supplies and/or books.  I am here to do none of these, only open a discussion about this very real year.
    For me, this is a year of transformation.  Not only transforming my habits by quitting smoking and managing my time better but transforming my energies.  Despite all the hype about this year from credible sources and not so credible sources, this year will be unlike any that we have ever experienced.  How? I don't know I just feel in my bones.
    From the stories of Nibiru to the fall of the global elite one thing is evident, we as a people want/need something to change, we as a world community have reached a boiling point and the Occupy Movement is proof of this social mind-change.  No longer are we willing to put our trust in the same systems, the same status quo that got us where we are now.  This is a huge shift, just think about it, I mean really think about what this means.  Does this mean we are beginning to wake up collectively, if so I dare say that this is unprecedented.  More and more we hear about how the media is controlled just ask Rupert Murdoch and his associates they've been doing it for years and are now going to court for it, the question is.  What were they hiding and why?
    When we look out past our little blue planet we see all the planets getting warming, the moon even looks different (though that could be just me).  We have gone from global warming (which may be a hoax) to Solar system warming. How does all this happen at once in less than one lifetime?
    In closing what this year means to me is personal I have no desire to change anyone's thoughts or ideas.  However I do wish to issue a challenge a dare if you will.  Take this year to look at your fears and put them in perspective.  I don't know about you but I am sick and tired of being afraid.  Being afraid of my retirement, being afraid of my finances, being afraid of my family, being afraid of my government.  This year I will concentrate on just being, and I invite you to join me in this mission of self forgiveness and social enlightenment.  The time has come to unfurl those beautiful wings of yours and fly with me.

Be well and Be aware
Nathan J. Lawcynell