Federal Reserve Transparency - Audit the Fed
Posted 07 May 2009 - 03:40 AM
H. R. 1207
To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
February 26, 2009
Mr. PAUL (for himself, Mr. KAGEN, Mrs. BACHMANN, Mr. BARTLETT, Mr. JONES, Mr. REHBERG, Mr. POSEY, Mr. BROUN of Georgia, Mr. POE of Texas, Mr. BURTON of Indiana, Mr. ABERCROMBIE, and Ms. WOOLSEY) introduced the following bill; which was referred to the Committee on Financial Services
To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the 'Federal Reserve Transparency Act of 2009'.
SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
( a ) In General- Subsection ( of section 714 of title 31, United States Code, is amended by striking all after 'shall audit an agency' and inserting a period.
( b ) Audit- Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:
( e ) Audit and Report of the Federal Reserve System-
( 1 ) IN GENERAL- The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection ( shall be completed before the end of 2010.
( 2 ) REPORT-
( A ) REQUIRED- A report on the audit referred to in paragraph ( 1 ) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.
( B ) CONTENTS- The report under subparagraph ( A ) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.'.
Posted 07 May 2009 - 09:44 PM
Goldman Sachs late last year received quick Fed approval to become a bank holding company. During that time, Friedman sat on Goldman's board and had a large holding in the company, a violation of Fed policy, the Journal reported.
Goldman Sachs was a top contributor to the Obama campaign.
May 7, 2009
919 THIRD AVENUE
New York, NY 10022
Mr. Wiliam C. Dudley
Federal Reserve Bank of New York
33 Libert Street
New York, NY 10045
By copy of this letter to Chairman Bernanke, I hereby resign as a Class C Director and Chairman of the Board of the Federal Reserve Bank of New York, effective immediately. Last Fall, after Goldman Sachs Group, Inc. became a bank holding company, I agreed to remain on the Board, pursuant to the waiver authority of the Board of Governors of the Federal Reserve System, to provide continuity durng a time of financial market instability. Today, although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper. The Federal Reserve System has important work to do and does not need this distraction.
Please convey my appreciation and respect to my fellow Directors and the Reserve Bank staff for their cooperation and their service. It has been a pleasure to work with you, your predecessor, and our distinguished Board, as well as the dedicated, hard-working men and women of the New York Fed. The New York Fed plays an extraordinary and vital role in restoring stability to the financial system durng this very critical period, and it has been an honor to be part of the institution's effort. I also am grateful to Chairman Bernanke and the other Members and staff of the Board of Governors for their advice and support in connection with the search for a new Chief Executive Officer for the New York Fed.
Yours very truly,
cc: The Honorable Ben S. Bernaneke
Federal Reserve Board of Govemors
Federal Reserve System
Slate states it all
Posted 08 July 2009 - 11:14 AM
Speaking on the Senate floor, Republican Senator Jim DeMint and supporter of an audit said, "allowing the Fed to operate our nation's monetary system in almost complete secrecy leads to abuse, inflation and a lower quality of life."
Charles Ortel, managing director with Newport Value Partners, an independent research firm, agrees. "Transparency is the key to any market," he says, noting the Fed doesn't mark-to-market its assets, much of it now consisting of the worst toxic debt Wall Street had to offer.
In truth, the Fed doesn't work in complete secrecy - they do release a weekly update which details the size and type of assets on its balance sheet. According to the latest report, the Fed’s balance sheet shrunk to $1.989 trillion, falling below $2 trillion for the first time since March.
And Bernanke backers are inclined to say, give the Fed a break. Those supporters including, Warren Buffett, claim the Fed’s action saved the U.S. from an even greater economic catastrophe.
But Ortel isn’t buying it: "We are well into a major crisis of confidence... those with major league exposure to the dollar and U.S. companies are quietly reducing that exposure," he claims.
If one looks at recent U.S. Treasury auctions, appetite for U.S. debt remains relatively strong. But Ortel says the smart money has little confidence in the future of the U.S. and is instead buying gold and other hard assets.
Posted 08 July 2009 - 11:18 AM
Mr Fisher, the Fed's leading hawk, was a fierce opponent of the original decision to buy Treasury debt, fearing that it would lead to a blurring of the line between fiscal and monetary policy – and could all too easily degenerate into Argentine-style financing of uncontrolled spending.
The Oxford-educated Mr Fisher, an outspoken free-marketer and believer in the Schumpeterian process of "creative destruction", has been running a fervent campaign to alert Americans to the "very big hole" in unfunded pension and health-care liabilities built up by a careless political class over the years.
"We at the Dallas Fed believe the total is over $99 trillion," he said in February.
"This situation is of your own creation. When you berate your representatives or senators or presidents for the mess we are in, you are really berating yourself. You elect them," he said.
His warning comes amid growing fears that America could lose its AAA sovereign rating.
Posted 08 July 2009 - 11:31 AM
Posted 08 July 2009 - 12:07 PM
The Fed has printed trillions of dollars and given it away to politically connected banks and corporations. We deserve to know what the Fed is doing with the country's money. Watch Rep Alan Grayson shred the ineffectual fed auditor.
At 2:39 Federal Reserve Inspector General Elizabeth Coleman stated "we do not have jurisdiction to go out and directly audit reserve bank activity specificaly". Then Rep. Alan Grayson cited the Inspector General act that states that it is her responsibility to conduct and supervise audits and investigations relating to the programs and operations of your agency, and she said "thats correct". She states that the Inspector General does not have the jurisdiction to audit Federal Reserve. Rep. Grayson states that the Inspector General Act gives the Inspector General the jurisdiction to audit the Federal Reserve.
The Board of Governors’ Office of Inspector General (OIG) functions in accordance with the Inspector General Act of 1978, as amended. In addition to retaining an independent auditor each year to audit the Board’s financial statements, the OIG plans and conducts audits, reviews, and investigations relating to the Board’s programs and operations and its delegated functions at the Federal Reserve Banks. The OIG also reviews existing and proposed legislation and regulations for their impact on the economy and efficiency of the Board’s programs and operations. It recommends policies, and it supervises and conducts activities to promote economy and efficiency and to prevent and detect waste, fraud, and abuse in Board and Board-delegated programs and operations, as well as in activities administered or financed by the Board. The OIG keeps the Congress and the Chairman of the Board of Governors fully informed about serious abuses and deficiencies and about the status of any corrective actions.
Ms. Coleman joined the Federal Reserve Board's OIG in 1989 as a senior auditor. She was promoted to program manager in 1999 and to senior program manager in 2001. She was appointed to the official staff in 2004, as the Assistant Inspector General for Communications and Quality Assurance. Over the last eight years, Ms. Coleman has worked closely with the Executive Council on Integrity and Efficiency, a professional organization of about thirty statutory Inspectors General who are appointed by their agency heads in certain designated federal entities, including the Board.
Posted 08 July 2009 - 04:17 PM
Posted 20 July 2009 - 05:51 AM
Federal Reserve and Treasury Department officials make the major decisions, but the New York Fed executes them.
The information gathered there provides crucial insights into the financial world for top policymakers. But the bank is so close to Wall Street -- physically, culturally and intellectually -- that some economic experts worry that the New York Fed puts the interests of the financial industry ahead of those of ordinary Americans.
"The New York Fed sticks out as being not just very, very close to Wall Street, but to the most powerful people on Wall Street," said Simon Johnson, an economist at MIT.
Posted 26 July 2009 - 03:18 AM
1907 financial crisis, established the Fed in 1913. The objective was to stabilize monetary policy and to prevent monetary crises that had taken place in the past when money supply had been uncontrolled and depended on the ability and willingness of banks to create money and provide credit. Notably, the banking system had experienced credit booms followed by credit contractions and waives of bank failures and long-lasting economic recessions and mass unemployment.
Ironically, the worst financial crisis and economic depression occurred only a few years following the Fed’s creation. At that time the Fed had failed its mandate for controlling money and credit creation and had instead instituted low interest rates that triggered speculation, massive purchase of gold by foreign central banks, and over-expansion of credit. The stock market crash and the collapse of the credit boom precipitated the Great Depression.
Posted 26 July 2009 - 03:32 PM
A clip of this back-and-forth is the 4th most “favorite” news video on YouTube today (with more than 30,000 views in 24 hours). It has sparked numerous blog posts and thousands of public comments about the Federal Reserve’s authority to lend hundreds of billions to foreigners without consulting a single elected official. The clip is located on Congressman Grayson’s YouTube page here:
Among the highlights:
* At 1:30, Chairman Bernanke can’t say which foreign entities got the money.
* At 3:19, Bernanke says that the 20% rise in the dollar which took place at the same time as the Federal Reserve lent out $500B to foreign central banks was just a “coincidence.”
* At 3:45, Bernanke and Grayson discuss whether there is a Constitutional basis for the Federal Reserve lending a half a trillion dollars to foreigners.
Congressman Grayson said, “According to the Federal Reserve’s own figures, Federal Reserve loans to foreign banks jumped from nothing in September to $550,000,000,000 at the end of 2008. These loans were authorized only by the members of the Federal Open Market Committee, a group of twelve bankers at the Federal Reserve whose deliberations are shielded from public view for five years.
“This amount is ten times the size of the entire State Department budget. Publicly elected lawmakers proposed and debated over 100 amendments to the State department budget. That’s how democracy is supposed to work -- not through secret deliberations in which 12 unelected bankers trample on Congress’s Constitutional authority to appropriate funds, approve treaties, and coin money.
“I find it hard to believe that the power to hand over the half-a-trillion dollars to foreigners was part of Congressional intent in 1913 when the Federal Reserve Act was written. If the Federal Reserve can lend a half a trillion without consulting a single elected official, it is time for a review of the central bank’s ‘swap line’ authority.”
That moment was a microcosm of something larger that is taking place in the House of Representatives as a result of HR 1207. Alan Grayson was the first Democrat who cosigned House Resolution 1207, Ron Paul’s bill to audit the Federal Reserve. Since Grayson cosponsored the bill over 90 of his fellow Democrats have followed.
Posted 26 July 2009 - 03:38 PM
About the FOMC
The term "monetary policy" refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.
The Federal Reserve controls the three tools of monetary policy--open market operations, the discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.
Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.
Structure of the FOMC
The Federal Open Market Committee (FOMC) consists of twelve members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee's assessment of the economy and policy options.
The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.
For more detail on the FOMC and monetary policy, see section 2 of the brochure on the structure of the Federal Reserve System and chapter 2 of Purposes & Functions of the Federal Reserve System.
2009 Members of the FOMC
Ben S. Bernanke, Board of Governors, Chairman
William C. Dudley, New York, Vice Chairman
Elizabeth A. Duke, Board of Governors
Charles L. Evans, Chicago
Donald L. Kohn, Board of Governors
Jeffrey M. Lacker, Richmond
Dennis P. Lockhart, Atlanta
Daniel K. Tarullo, Board of Governors
Kevin M. Warsh, Board of Governors
Janet L. Yellen, San Francisco
James B. Bullard, St. Louis
Thomas M. Hoenig, Kansas City
Sandra Pianalto, Cleveland
Eric S. Rosengren, Boston
Christine M. Cumming, First Vice President, New York
Posted 04 August 2009 - 05:30 AM
Gallop-Federal-Reserve.gif 13.26KB 40 downloads
Posted 05 August 2009 - 04:34 AM
Article 1, Section 8 of the Constitution states that Congress shall have the power to coin (create) money and regulate the value thereof. Today however, the FED, which is a privately owned company, controls and profits by printing money through the Treasury, and regulating its value.
The FED began with approximately 300 people or banks that became owners (stockholders purchasing stock at $100 per share – the stock is not publicly traded) in the Federal Reserve Banking System. They make up an international banking cartel of wealth beyond comparison (Reference 1, 14). The FED banking system collects billions of dollars (Reference 8, 17) in interest annually and distributes the profits to its shareholders. The Congress illegally gave the FED the right to print money (through the Treasury) at no interest to the FED. The FED creates money from nothing, and loans it back to us through banks, and charges interest on our currency. The FED also buys Government debt with money printed on a printing press and charges U.S. taxpayers interest. Many Congressmen and Presidents say this is fraud (Reference 1,2,3,5,17).
Who actually owns the Federal Reserve Central Banks? The ownership of the 12 Central banks, a very well kept secret, has been revealed:
Rothschild Bank of London
Warburg Bank of Hamburg
Rothschild Bank of Berlin
Lazard Brothers of Paris
Kuhn Loeb Bank of New York
Israel Moses Seif Banks of Italy
Goldman, Sachs of New York
Warburg Bank of Amsterdam
Chase Manhattan Bank of New York
(Reference 14, P. 13, Reference 12, P. 152)
These bankers are connected to London Banking Houses which ultimately control the FED. When England lost the Revolutionary War with America (our forefathers were fighting their own government), they planned to control us by controlling our banking system, the printing of our money, and our debt (Reference 4, 22).
The individuals listed below owned banks which in turn owned shares in the FED. The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank. (Reference 22)
First National Bank of New York
James Stillman National City Bank, New York
Mary W. Harnman
National Bank of Commerce, New York
Hanover National Bank, New York
Chase National Bank, New York
Thomas F. Ryan
Levi P. Morton
George F. Baker
Mrs. G.F. St. George
Katherine St. George
J.P. Morgan (Equitable Life/Mutual Life)
Edith Brevour T. Baker
(Reference 4 for above, Reference 22 has details, P. 92, 93, 96, 179)
Posted 05 August 2009 - 03:17 PM
National Public Radio (NPR)
The Diane Rehm Show
Wednesday August 5, 2009
David Wessel: "In Fed We Trust"
David Wessel, economics editor, The Wall Street Journal; author "In Fed We Trust." David Wessel is Pulitzer-Prize-winning journalist describes the players and politics behind the Federal Reserve's efforts to rescue the U.S. economy.
For more information call 1-800-433-8850
88.5 Loyal Listener
Posted 05 August 2009 - 04:09 PM
Bear Sterns was the catalyst. The Federal tried to sell it to Barclay. They eventually sold J.P. Morgan Chase. The Fed subsidized the sell for 30 Billion dollars. They broke the rules and manipulated the market with taxpayer dollars. It is now the Federal Reserves job is stop inflation. The treasury is now selling inflation adjusted (protected) Treasury saving bonds. Federal Reserve board is government managed, but not accountable by Congress. The actual banks are commercial.
The Chairman of the New York Federal Bank was working with Goldman Sachs. Steve Freedman purchased shares of Goldman Sachs before they became a Financial Bank. Goldman Sachs has a unfair advantage. They are crony capitalist.
A.I.G. also owed Goldman Sachs 13 billion. The Federal Reserve has the power to take over banks, but not financial institutions. Both former President Bush and President Obama pushed giving the Federal Reserve more power, so this will not happen again.
Economies work better without political tampering. The Fed chair thinks that H.R. 1207 is a bad idea. Alexander Hamilton was for a Central Bank, but Jefferson was against it. There was a famous debate between the two founders. The problem is there is a financial innovation arms race. Goldman Sachs is able to purchase stocks and commodities before the public purchase them. People in finance always cheat and the press is forced to catch them. High frequency trading takes advantage of trading before you can.
The Federal Reserve, Fannie Mae, and Freddie Mac get special privileges that other private institutions do not.
Sheila Bear was outspoken about the risks going on in the Mortgage Crisis.
They only way we can get out of this mess is that we start exporting goods. The government cannot keep propping us up.
Posted 05 August 2009 - 04:15 PM
According to Wall Street Journal on May 8 2009, Wall Street Journal Mr. Friedman bought Goldman shares in December 2008 and January 2009, giving Mr. Friedman a $3 million paper gain in May 2009 after stock rally.
The Federal Reserve Bank of New York announced today that Stephen Friedman, chairman of the board of directors of the New York Fed, has informed William C. Dudley, president and chief executive officer of the New York Fed, and the Board of Governors of his decision to resign effective immediately. Consistent with the Federal Reserve Act, Denis M. Hughes, deputy chair of the board, will exercise the powers and duties of the chair.
“My colleagues and I appreciate Steve’s vital service to the Bank during this time of great economic stress,” said Mr. Hughes. “We value his contributions and I know the Bank’s leadership acknowledges his unique perspectives on the economy and his financial market expertise. We all join in thanking him for his service and leadership.” Mr. Hughes added, “This is a remarkable organization at the center of helping the nation through the most difficult economic period since the 1930s. I have watched as the people of the Fed managed the unprecedented financial storms with creativity, energy and integrity.”
Thomas C. Baxter, Jr., executive vice president and general counsel, said, “There is no doubt that 2008 was one of the most challenging years in the New York Fed’s history. We were fortunate to have Steve as our chairman during that time, especially in view of Mr. Geithner’s decision to accept President Obama’s nomination to become Secretary of the Treasury. When the President announced his decision to nominate now-Secretary Geithner on November 24, 2008, Steve immediately stepped into action and formed a search committee of the New York Fed’s board of directors. During the committee’s often intense deliberations over the next two months, I was privileged to observe closely Steve’s dedication, professionalism and work ethic. He was extraordinary. And, with respect to Steve’s purchases of Goldman shares in December of 2008 and January of 2009, which have been the object of some attention lately, it is my view that these purchases did not violate any Federal Reserve statute, rule or policy. I enjoyed working with Steve, and will miss his contributions in the boardroom.”
“I would like to thank Steve Friedman and his fellow directors on the New York Fed’s board for their service,” said Donald L. Kohn, vice chairman of the Board of Governors of the Federal Reserve System. “I particularly appreciate the very rigorous process Steve established to select the new president of the New York Fed.”
A Fixed Game
Posted 05 August 2009 - 04:24 PM
The Rothschild family do own and control the Federal Reserve by their control of a majority of the Fed district banks. It has been estimated by Austrian economists that the Rothschild family owns and/or controls wealth to the tune of between $100,000 and $500,000 TRILLION. It is established historical fact that the Rothschilds were billionaires in the mid-1800s - it was estimated even then that they controlled at least half of the world's wealth. You see, when you understand the fundamental point about how money is created (basically out of thin air by privately-owned Central Banks), you soon realize that they can create any amount they want, when they want, to buy anything and anyone they want.
Who controls the food supply controls the people; who controls energy can control whole continents; who controls money controls the world. - Henry Kissinger
Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of a pen they will create enough money to buy it back again. However, take away from them the power to create money, and all the great fortunes like mine will disappear, and they OUGHT to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money. - Sir Josiah Stamp, former Director of the Bank of England.
We are grateful to the Washington Post, the NY Times, Time Magazine, and other great publications whose directors have attended our meetings and respected their promises of discretion for almost 40 years. It would have been impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years. But now the world is more sophisticated and prepared to march towards world government. The supra national sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries. - David Rockefeller.
Posted 05 August 2009 - 04:45 PM
Baron David de Rothschild
Year of birth:
De Beers Group Chairman - Rothschild
De Beers and the various companies within the De Beers Family of Companies engage in exploration for diamonds, diamond mining, diamond trading and industrial diamond manufacture.
Compagnie Financière Martin Maurel, La Compagnie Financière Saint-Honoré, De Beers sa Board, Board of Casino, Euris SA, N M Rothschild & Sons Limited, Supervisory Board of Paris Orléans, Rothschild Bank AG, Zurich, Rothschild & Cie Banque, Rothschilds Continuation Holdings AG
Posted 05 August 2009 - 05:07 PM
Nicky Oppenheimer is Chairman of the De Beers Group and as such Chairman of De Beers sa, De Beers Consolidated Mines and De Beers Centenary AG. He is also a non-executive director of Anglo American plc.
He was educated at Harrow School and Christ Church, Oxford, where he read Politics, Philosophy and Economics.
He joined the Anglo American Corporation in 1968 as the Personal Assistant to the Chairman, and worked subsequently in the Gold and Diamond Divisions of the Corporation. He spent eighteen months in the London office of De Beers before returning to Johannesburg in 1975 to join the Gold Division.
He was appointed a director of Anglo American Corporation in 1974 and a director of De Beers in 1978. In 1981 he was appointed a member of the Executive Committee of the board of Anglo American Corporation and became Deputy Chairman in 1983. He subsequently resigned as Deputy Chairman in 2001 but remains a non-executive director of the Anglo American board.
In 1984 he was appointed Deputy Chairman of the then Central Selling Organisation (now Diamond Trading Company) in London and Deputy Chairman of De Beers Consolidated Mines in 1985. He was appointed Chairman of the Diamond Trading Company in 1985.
In 1990 he was appointed Deputy Chairman of the newly formed Swiss based company, De Beers Centenary AG. Nicky Oppenheimer became Chairman of the De Beers Group on 1 January 1998.
In 2003, a Doctorate in Technology, honoris causa was bestowed upon him by the Technikon Witwatersrand in South Africa. He is the first recipient of such an honorary doctorate by the Technikon to a person in the public and private sector.
In 2004 he received the Presidential Order of Honor from His Excellency the President of the Republic of Botswana, Mr. Festus Gontebanye Mogae.
Year of birth:
Date of appointment to DBsa board:
Chairman – De Beers Group of Companies
DBCM Holdings (Pty) Limited (Chairman), Anglo American Corporation of South Africa Ltd, Anglo American plc, Centhold International Limited, DB Investments (Chairman), De Beers Consolidated Mines Ltd (Chairman), Debswana Diamond Co (Pty) Ltd, The Diamond Trading Co Ltd (UK), E Oppenheimer & Son Group Holdings Ltd (Joint Chair), Namdeb Diamond Corporation (Pty) Ltd (Chairman)
Posted 05 August 2009 - 05:19 PM
Gold Fields Limited is one of the world’s largest unhedged producers of gold with attributable production of 3,64 million ounces per annum from eight operating mines in South Africa, Ghana and Australia. A ninth mine, Cerro Corona Gold/Copper mine in Peru, commenced production in August 2008 at an initial rate of approximately 375,000 gold equivalent ounces per annum. The company has total attributable ore reserves of 83 million ounces and mineral resources of 251 million ounces. Gold Fields is listed on JSE Limited (primary listing), the New York Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX), the New Euronext in Brussels (NYX) and Swiss Exchange (SWX).
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