Alan Grayson Letter To Neil Barofsky Requesting Audit of Citi

First, Darrel Issa taking on Bernanke in what may prove a fateful and timely opposition against the Federal Reserve, now Alan Grayson going for Bernanke, Geithner, and Vikram's jugular. Just when it seemed that the D.C.-Wall Street crony alliance would last forever (don't worry Barney, we still love you), opposition voices finally emerge and take on the biggest culprits head on.

Among the questions that Grayson is seeking the SIGTARP's assistance on are:

1. How was the deal negotiated by Citigroup, the Federal Reserve, and the Treasury? How does this loss-sharing arrangement benefit taxpayers?
2. What are current mark-to-market losses to the Federal Reserve in this loss-sharing arrangement?
3. What is the current cash flow from these assets? Are these asset performing?
4. Who should be held accountable for the reckless acquisition of a third of a trillion dollras in assets that ended up requiring a government guarantee? [emphasis mine]
5. Which vendors are pricing these assets, and are there conflicts of interest present in these vending arrangements?
6. Is the Federal Reserve guaranteeing assets generated from lender-induced mortgage fraud and predatory lending practices?

Tomorrow's House Committee hearings will be fun to quite fun.

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