Zimbabwe Ben’s “Audit”

Liberty News

Zimbabwe Ben’s “Audit”

In his 29 November 2009 Washington Post piece, Zimbabwe Ben (ZB) states, “Our financial statements are public and audited by an outside accounting firm”. He’s right. The Fed’s website let’s you download the Fed’s audited 2008 financials. Some interesting points (millions):

The Fed has $2,245,728 in assets and $42,152 in capital, a 1.88% capital ratio, or 53.3X leverage ratio. ZB, didn’t the SEC recently tell investment banks leverage ratios of 35X were unsound? Or did you miss that? Or is the Fed a highly leveraged, poorly managed hedge fund?

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