Fed Inspector General Seems Clueless
Does Elizabeth Coleman know anything about what the Federal Reserve is up to? She’s the Investigator General of the Fed Board of Governors, so you’d hope so. But you’d be disappointed. Can we please get Harry Markopolos, or someone with a tiny spark of curiosity and motivation in this job? Having a clueless bureaucrat like this in there makes the whole system reek worse than it already does:
The mission of the Office of the Inspector General of the Federal Reserve is:
The Act charged the OIG with the responsibility to prevent and detect fraud, waste, and abuse, and to promote economy and efficiency in the programs and operations of the Board. In general, the IG Act centralized the audit and investigative resources of the Board into one independent office.
This also seems to have been neglected, I found no such reviews on their site:
For example, section … requires the Board’s OIG to review failed financial institutions supervised by the Board that result in a material loss to the bank insurance fund, and to produce, within six months of the loss, a report that includes possible suggestions for improvement in the Board’s banking supervision practices.
I realize she’s just a bureaucrat, but c’mon. We have to do better. According to her official Federal Reserve bio, Mrs. Coleman “attended the Federal Reserve System’s Trailblazers Leadership Conference.” Ugh. And it looks like all her “audit” experience is with the Federal Reserve, been there since 1989. Saying that she probably lacked good mentors in those roles is an understatement. Full bio here. Not encouraging, to say the least.
Obama – Can we PLEASE get someone smart, analytical, and self-motivated in important jobs like this? Harry Markopolos would be fantastic. I mean, yeah, it would mess up the whole scam they have going, but haven’t they made enough? People are getting really pissed.
3 Comments
It isn’t necessary to audit the Fed (like that would ever happen). I bet before this crisis few people had any idea the Fed had a balance sheet, or that the integrity of the dollar was nominally based on its contents. Anyway, in a fiat money system, particularly with the dollar (‘the world’s reserve currency’) it doesn’t matter: they can create as much money as they want, and due the political and military hegemony of the US the dollar will still be accepted as ‘legal tender for all debts, public and private’. Or so the market seems to be saying.
Are the Federal Reserve Inspectors appointed by politicians? How did Coleman get this job? I would like to apply because I think the pay and benefits are both good.
send your comments to your local legislators and remind them they are ELECTED and then we should remember that on election day. Even if local legislators did not participate in voting Elizabeth in to office, it would be good that they know John Q Public is not only aware of these things, but we are going to make elected officials accountable.