The Federal Reserve's Secret Set of Books Hiding $9 Trillion Off Balance Sheet Transactions

Interest-Rates / Central Banks
Dec 06, 2010 - 06:47 AM

By: Richard_Daughty

I have been grudgingly getting to work every day and on-time since, unfortunately, it looks like my incompetence, stupidity and sheer lazy worthlessness is going to produce another losing quarter, and the rumor is that the Board of Directors is looking for heads to roll.

This prompted me to suggest to my boss that instead of firing me, the company should bail out the business segment that is losing money (mine) by loaning money to it, which everyone knows will never be paid back, so that the consolidated company books could show a huge tax-deductible loss by virtue of loss reserves on the eventual default, and my little division could also help the bottom line by booking a tax-deductible interest expense on the loan that we never pay back!

I carefully explained how the important benefit would be, of course, that I could continue to be my happy – although incompetent, stupid and lazy – self, there would be bonuses for the executive staff, and the company would benefit when everyone would look at me and say to themselves, “Wow! The company must be doing very well if they can afford to hire a half-witted clown!â€