TV News LIES

A one-time limited GAO audit of the Federal Reserve that was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act has uncovered some eye-popping corruption at the Fed and the mainstream media is barely even covering it.  It turns out that the Federal Reserve made $16.1 trillion in secret loans to their bankster friends during the financial crisis.  You can read a copy of the GAO investigation for yourself right here.  These loans only went to the "too big to fail" banks and to foreign financial institutions.  Not a penny of these loans went to small banks or to ordinary Americans.  Not only did the banksters get trillions in nearly interest-free loans, but the Fed actually paid them over 600 million dollars to help run the emergency lending program.  The GAO investigation revealed some absolutely stunning conflicts of interest, and yet the mainstream media does not even seem interested.  Solid evidence of the looting of America has been put right in front of us, and yet hardly anyone wants to talk about it.

The Federal Reserve was just creating gigantic piles of cash out of thin air and throwing them around with wild abandon.

Things were rosy in the giant software company's just-ended fiscal fourth quarter, which produced record sales of nearly $17.4 billion, a 30 percent increase in after-tax profit, and a 35 percent gain in earnings per share.

But for the Internal Revenue Service and foreign tax authorities, things weren't so rosy. Microsoft reported only $445 million in taxes in the U.S. and other foreign countries, just 7 percent of its $6.32 billion in pre-tax profit.

Research in Motion, the maker of the BlackBerry smartphones and tablet, said Monday that it will cut its workforce by about 2,000 jobs and move some executives into new roles in an effort to battle the continued growth of Google's Android and Apple's iPhone.

The job cuts, which are beginning on Monday, will leave the Canadian firm with about 17,000 employees, RIM said. The moves follow a 12% drop in quarterly revenue during RIM's fiscal first quarter, which was reported in June.

Cisco Systems, the largest networking-equipment company, may cut as many as 10,000 jobs, or about 14%of its workforce, to revive profit growth, according to two people familiar with the plans.

The cuts include as many as 7,000 jobs that would be eliminated by the end of August, said the people, who asked not to be identified because the plans aren't final.

At a time when higher taxes or deeper government spending cuts seem to be the only options available to close the gaping federal deficit, going after more $400 billion a year in uncollected taxes should be a no-brainer.

But in the nation's capital, the so-called "tax gap" hardly rates a mention in the official discussion of America's fiscal woes.

The Securities and Exchange Commission doesn’t just enforce the rules that govern Wall Street. When asked, it often grants individual companies exemptions from the rules. But companies that win those special breaks often fail to comply with the conditions that come with them, the SEC’s inspector general said in a report released Thursday.

What’s more, the agency has no formalized process for monitoring whether companies live up to their end of the bargain, the report said. Though the agency routinely inspects financial firms, “only in rare cases” did the examiners focus on that question, the report said.