Rep. Alan Grayson Questions Fed Inspector General Elizabeth Coleman on the $9 trillion in off-balance sheet transactions.
Elizabeth Coleman: “We are in not a position to say if there are losses.”
Grayson concluded, “I am shocked to find out that nobody at the Federal Reserve, including the inspector general, is keeping track of this.”
The Bloomberg report on the $9.7 trillion in pledges that would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve.
