- The Fed would be "shut-down" if audited; was the comment from Jim Grant, editor of Grant's Interest Rate Observer. Read this in the comment section of this equally interesting post. Looks like someone is trying to hide something (enlightening vi
The Fed hires lobbyist whom specializes in... collapses?
Fed Intends to Hire Lobbyist in Campaign to Buttress Its Image
That is what the title read on Bloomberg today. Was Dr. Paul's war cries getting to Bernanke ? Why would the Federal Reserve Bank of the United States of America need a lobbyist for it's own constituents? Let's read a bit what they had to say about this unusual move...
June 5 (Bloomberg) -- The Federal Reserve intends to hire a veteran lobbyist as it seeks to counter skepticism in Congress about the central bank’s growing power over the U.S. financial system, people familiar with the matter said.
Linda Robertson currently handles government, community and public affairs at Johns Hopkins University in Baltimore, and headed the Washington lobbying office of Enron Corp., the energy trading company that collapsed in 2002 after an accounting scandal. She was also an adviser to all three of the Clinton administration’s Treasury secretaries.
Robertson would help the Fed manage relations with lawmakers seeking greater oversight of a central bank that has used emergency powers to prevent Wall Street’s demise. While she wasn’t tied to Enron’s fraud, her association with the firm may raise questions, analysts said.
So, let's see- what did she do an Enron exactly? In a 2002 press release, we read:
In November 2000, Robertson was hired by Enron Corporation as vice president and general manager of federal government affairs. After the scandal in which Enron executives were accused of lying about profits and debts, Robertson was asked to close the Washington office in February 2002. She is not believed to have played any role in the scandal and was not subpoenaed to testify during the investigation. Source: JHU hires former Enron exec.
Thus, they have a person who can operate under fire, with pressure. She basically handled the bankruptcy of Enron on the political side of things, which must have been nasty, if not down-right ugly.
I'll end with a quote from the Bloomberg article, linked above:
“People have been asking whether the Fed is capable of getting its job done right,” said Lynn Turner, a former chief accountant at the Securities and Exchange Commission. “Hiring a former lobbyist from Enron will surely make one wonder.”
Here is just ONE reason WHY maybe The Fed is back-pedaling... Hmmm:
Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is.