03/18/2010 05:12 am ET | Updated May 25, 2011

Congressman Grayson: SIGTARP Report Illustrates Danger of Secret Bailouts

On Monday night we posted Tyler Durden's breakdown of the SIGTARP audit of the AIG bailout. Will this report resurrect the Fed Audit movement now that Ron Paul's End the Fedbook release PR has died down?

I contacted Congressman Alan Grayson to see how some of our representatives view the jaw-dropping report:

"This audit report is a vivid illustration of the danger of secret bailouts that transfer public resources to private banks. When all else fails, Wall Street can still stick it to the taxpayer."

Congressman Grayson and I discussed Fed Transparency back in December. Since then, H.R. 1207 (the Federal Reserve Transparency Act) has been floating in the water. After reading the AIG Audit Report, if you don't believe the Fed needs more transparency, your retirement account may continue floating in the water too.