LEADER 04416nam 2200577 a 450 001 9910810620803321 005 20230721032438.0 010 $a0-292-79467-3 024 7 $a10.7560/717855 035 $a(CKB)1000000000533865 035 $a(OCoLC)646761286 035 $a(CaPaEBR)ebrary10245834 035 $a(SSID)ssj0000135795 035 $a(PQKBManifestationID)11132413 035 $a(PQKBTitleCode)TC0000135795 035 $a(PQKBWorkID)10063882 035 $a(PQKB)11043345 035 $a(MiAaPQ)EBC3443337 035 $a(Au-PeEL)EBL3443337 035 $a(CaPaEBR)ebr10245834 035 $a(OCoLC)234183000 035 $a(DE-B1597)588039 035 $a(DE-B1597)9780292794672 035 $a(EXLCZ)991000000000533865 100 $a20071218d2008 ub 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDeception and abuse at the Fed$b[electronic resource] $eHenry B. Gonzalez battles Alan Greenspan's Bank /$fRobert D. Auerbach 205 $a1st ed. 210 $aAustin $cUniversity of Texas Press$d2008 215 $a1 online resource (286 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-292-71785-7 320 $aIncludes bibliographical references (p. [255]-260) and index. 327 $tFrontmatter -- $tContents -- $tAcknowledgments -- $tChapter 1 Hitting a Tank with a Stick -- $tChapter 2 The Burns Fed: Price Controls, Inflation, and the Watergate Cover-up with a Distinguished Professor at the Helm -- $tChapter 3 The Master of Garblements -- $tChapter 4 Spinning Mountains into Molehills -- $tChapter 5 Valuable Secrets and the Return of Greenspan?s ?Prophetic Touch? -- $tChapter 6 The Seventeen-Year Lie -- $tChapter 7 Corrupted Airplanes and Computer Mice -- $tChapter 8 Standing in the Door against Civil Rights -- $tChapter 9 When Five Hundred Economists Are Not Enough -- $tChapter 10 The Myth of Political Virginity -- $tChapter 11 Pricking the Stock Market Bubble and Other Greenspan Policies -- $tChapter 12 Bring the Fed into the Democracy -- $tAppendix. Excerpts from Waste and Abuse in the Federal Reserve?s Payment System -- $tNotes -- $tGlossary -- $tBibliography -- $tIndex 330 $aThe Federal Reserve?the central bank of the United States?is the most powerful peacetime bureaucracy in the federal government. Under the chairmanship of Alan Greenspan (1987-2006), the Fed achieved near mythical status for its part in managing the economy, and Greenspan was lauded as a genius. Few seemed to notice or care that Fed officials operated secretly with almost no public accountability. There was a courageous exception to this lack of oversight, however: Henry B. Gonzalez (D-TX)?chairman of the U.S. House of Representatives Financial Services (banking) Committee. In Deception and Abuse at the Fed, Robert Auerbach, a former banking committee investigator, recounts major instances of Fed mismanagement and abuse of power that were exposed by Rep. Gonzalez, including: Blocking Congress and the public from holding powerful Fed officials accountable by falsely declaring?for 17 years?it had no transcripts of its meetings; Manipulating the stock and bond markets in 1994 under cover of a preemptive strike against inflation; Allowing $5.5 billion to be sent to Saddam Hussein from a small Atlanta branch of a foreign bank?the result of faulty bank examination practices by the Fed; Stonewalling Congressional investigations and misleading the Washington Post about the $6,300 found on the Watergate burglars. Auerbach provides documentation of these and other abuses at the Fed, which confirms Rep. Gonzalez's belief that no government agency should be allowed to operate with the secrecy and independence in which the Federal Reserve has shrouded itself. Auerbach concludes with recommendations for specific, broad-ranging reforms that will make the Fed accountable to the government and the people of the United States. 606 $aGovernmental investigations$zUnited States$vCase studies 615 0$aGovernmental investigations 676 $a332.1/10973 686 $a83.50$2bcl 700 $aAuerbach$b Robert D$0106818 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910810620803321 996 $aDeception and abuse at the Fed$93949750 997 $aUNINA