The Wall Street giant Goldman Sachs escaped jail time last week when they successfully negotiated a suspicious deal with the SEC. The SEC charged Goldman Sachs with fraud on April 16, 2010 after investors lost $1 billion. The Goldman Sachs and Paulson fraudulent subprime mortgage scheme bilked $1 billion from investors and that fraudulent scheme resulted in a negative domino effect to the US economy. The SEC had evidence that Goldman Sachs’ illegal scheme was the root cause of the US economic crisis. For some reason the SEC negotiated a deal with Goldman Sachs and Goldman Sachs was ordered to pay a minuscule $500 million in damages to affected investors and SEC fines. The SEC imposed fines against Goldman Sachs instead of pursuing criminal charges. The SEC had evidence of criminal activity by Goldman Sachs but let the criminals go with fines. There is no doubt that Goldman Sachs will pay these damages and fines with money they received from George W Bush and Barack Obama in the form of Federal Reserve Bank bonuses scheme. Goldman Sachs took $10 billion from the US taxpayers for alleged $2.2 billion losses in 2008. Loses they have never proved they incurred. Loses that probably never existed but were claimed in order to receive $billion in taxpayers money. If the SEC had pursued with criminal charges instead of letting Goldman Sachs go free the US people would have finally known how much, if any, did Goldman Sachs actually lose and how much of their tax dollars was used towards $billion bonuses. If the SEC would have done what they were suppose to do an audit of Goldman Sachs would have been ordered and the US people would find out just how corrupt Goldman Sachs really is. Not only did they commit fraud and steal $1 billion from its investors, Goldman Sachs committed fraud when they took $10 billion from the US taxpayers.

Goldman Sachs crimes are just the tip of the iceberg. Other banks of the privately owned Federal Reserve Bank committed fraud when they too claimed unconfirmed $billion loses in order to steal from the US people $9 trillion. At a hearing in early May 2009, Federal Reserve Inspector General Elizabeth Coleman was asked by Congressman Alan Grayson (D-FL) to account for the $9 trillion in off-balance sheet transactions ($30,000 for each man, woman and child in the U.S.) plus a $1 trillion expansion of the Fed’s balance sheet since September 2008. Her answer is that no one at the privately owned Fed knows or is keeping track of where the money has gone. Congressman Ron Paul put forward a bill in the U.S. House of Representatives to audit the Federal Reserve System (Federal Reserve Transparency Act of 2009) not just because of the growing unrest over the Fed’s gigantic and reckless expansion of trillions of dollars in credit during the past eight months but because of the increasing awareness that the Fed itself is unable to account for where this money has gone.

In just one day the stimulus package that president Barack Obama wanted and the U.S. Congress completed in 2009 raised the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages and almost the same amount (just $1 trillion less than the $10,7 trillion national debt when Obama was sworn in on January 20, 2009 as the 44th president of the United States) as the total amount of national debt incurred by every president before Obama since George Washington (the first President of the United States under the Constitution). The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have since lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more.

In 1910 the US National debt was $2.6 billion. Today, July 2010 the US National debt is over $13 trillion. World War I increased the US Debt by $25 Billion. The Great Depression increased the Debt by $33 Billion and World War II increased the Debt by $222 Billion. The Clinton “peace time” years increased the Debt by $1 Trillion. When Bush took office, the national debt was $5.73 trillion. When he left, it was $10.7 trillion. That’s a difference of $4.97 trillion. The biggest increase under any president in U.S history but Obama is going to beat that in just 1 term in office. The National Debt stood at $10.7-trillion on the day Barack Obama took office. By 2013 it is estimated (based on the rate of reckless spending by the Obama administration) that the national debt will be $17 trillion - Obama would have served just 4 years in office.

Only the stimulus bill, the $700 billion Troubled Asset Relief Program and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion has never been voted on and authorized by US lawmakers - as required by US law. Over $8 trillion has been illegally taken from the US taxpayers by the Federal Reserve. Only Congress can authorize any and all use of US tax dollars and yet the SEC has never investigated nor charged anyone from the Federal Reserve for $8 trillion illegally taken from the US taxpayer for lending programs and guarantees, all under the Fed and FDIC. Recipients’ names of the $8 trillion have never been disclosed by the Federal Reserve Bank. Today nothing has been done by the IRS or other independent audit unit to track where the $600 billion under President Bush and $787 billion under President Obama have gone. Today nothing has been done by the SEC or the US Congress to track, investigate or indict the Federal Reserve for $8 tillion in loses to the US taxpayers. This has gone beyond wasteful spending. This is political corruption on a scale never before seen in all of the United States history. To allow a private group of bankers to simply take $8 trillion from the US people and do nothing is criminal.