No Reservations Taken: Closed-Door Backroom Banking at the Fed

The Truth About Money" radio host John Sakowicz ralks with Dr. Robert Auerbach about deception and abuse at the Federal Reserve Bank. Auerbach is professor of public affairs at the University of Texas, at Austin. Auerbach was an economist with the House Committee on Financial Services including during a period when Texas Congressman Gonzalez attempted to achieve a level of meaningful oversight over the Federal Reserve. Gonzalez was continuously thwarted by then Fed Chairman Alan Greenspan, as detailed in Auerbach's book "Deception and Abuse at the Fed: Henry B. Gonzalez Battles Alan Greenspan's Bank."

Sakowicz and Auerbach discuss how the Fed's recent loan policies were conducted in backrooms without a complete paper trail for taxpayers and elected officials, They look at comparisons to the1907 financial crisis, where deals were similarly made out of sight of the public or its elected officials. They also at whether it's possible to the reform the Fed, how and who would be the right people reform it?
 
John Sakowicz is the cofounder of a multibillion dollar hedge fund, and has worked for UBS, Dean Witter (a division of Morgan Stanley), Spear Leeds Kellogg (a division ogf Goldman Sachs), Merrill Lynch, and Alex Brown & Sons (a division of Deutsche Bank). He currently advises an offshore alpha return fund, but mainly he now works for progressive economic and political reform and writes for the alternative weekly press. He is a member of the Association of Alternative Newsweeklies (AAN), and his articles are archived at www.altweeklies.com. He is the host of "The Truth About Money" on KZYX in northern California.