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VIDEO: Fed Inspector General Knows Roughly Nothing About The Fed

The inspector general tasked with overseeing and auditing the Federal Reserve knows pretty much nothing about what the Fed is doing. That's the conclusion that comes from watching the exchange Tuesday between Rep. Alan Grayson (D-Fla.) and inspector general Elizabeth A. Coleman.

Coleman could not tell Grayson what kind of losses the Fed has so far suffered on its $2 trillion portfolio, which has greatly expanded since September.

She appeared unaware that the Fed engages in trillions of dollars in off-balance-sheet exchanges.

Madoff secretary: His silence is protecting others

Bernard Madoff's longtime secretary said Wednesday that she believes the disgraced financier is not cooperating with authorities in order to protect others, and that he was a flirtatious boss who frequented massage parlors.


Biden to appear at AIPAC

The announcement that Biden will speak Monday morning comes a day after a victory for the group and the pro-Israel community; the Justice Department decided to drop charges of mishandling classified information against two former AIPAC staffers.

The conference, a chance for AIPAC to flex its unmatched Beltway muscle, is expected draw 6,500 people, and a phalanx of top officials of both parties. Other speakers include Senate Foreign Relations Committee Chairman John Kerry, Newt Gingrich and Los Angeles Mayor Antonio Villaraigosa, as well as congressional leaders Steny Hoyer, Dick Durbin, Eric Cantor, and Jon Kyl. The event typically draws more members of Congress than any outside a joint session or State of the Union.


Palin formally unveils new legal defense fund

Alaska Gov. Sarah Palin, facing a string of costly ethics complaints, formally unveiled a defense fund Friday to help pay her legal fees — now surging past the half-million dollar mark.

"For Alaskans, the time has come to end the siege on our government by political tricksters. Enough is enough. With the help of reform-minded advocates from across our nation, we will stand up for what is right," said a message on the Web site for the Alaska Fund Trust.


Lieberman: U.S. to accept any Israeli policy decision

The Obama Administration will put forth new peace initiatives only if Israel wants it to, said Foreign Minister Avigdor Lieberman in his first comprehensive interview on foreign policy since taking office.

"Believe me, America accepts all our decisions," Lieberman told the Russian daily Moskovskiy Komosolets.


Gonzales Stopped FBI Probe Of Rep. Harman Because He 'Needed Jane' To Support Warrantless Wiretapping

CQ's Jeff Stein reports that sometime before the 2006 elections, the National Security Agency wiretapped Rep. Jane Harman (D-CA) offering a quid pro quo to unnamed Israeli agents: Harman would lobby the Justice Department to "reduce espionage-related charges against two officials of the American Israeli Public Affairs Committee," while the Israelis would lobby soon-to-be House Speaker Nancy Pelosi (D-CA) to name Harman chair of the Intelligence Committee.


More fuzzy math? How GOP estimates carbon tax impact

Congressional Republicans are trying to convince consumers that the White House and Democratic lawmakers will raise their taxes every time people flick on a light switch.

Republicans' main attack is a claim that climate legislation will cost U.S. households $3,100 a year. They got the number by doing some additional math based on a Massachusetts Institute of Technology study, and they're sticking with it, even though John Reilly, an MIT economist and the author of the study, told them that they misinterpreted his work and that their number is wrong.


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