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Today a right-left coalition scored a victory for the American people when Senators voted 96-0 to audit the Federal Reserve.

The Center for Media and Democracy’s Wall Street Bailout Tally shows that since 2008, the U.S. government has flooded Wall Street banks and financial institutions with $4.7 trillion dollars in taxpayer money, mostly in the form of loans from the Federal Reserve. The Fed has never told us which firms got these loans and what type of collateral American taxpayers got in return. This will now be revealed. We will also get an accounting of the Fed’s “stealth” bailout of Fannie Mae and Freddie Mac.

It is important to note that in November 2008, Bloomberg News submitted a Freedom of Information Act request for the most basic of bailout information, but the Fed stalled forcing Bloomberg into court. Two sets of judges have ordered the Fed to turn over the information, but the Fed keeps stonewalling, appealing the case again last week. The Senate bill now forces the Fed to turn over this critical information. Independent Senator Bernie Sanders of Vermont pulled together a right-left coalition that got the job done.

(Publisher's Note: The Center for Media and Democracy is strongly supporting efforts to redress the Supreme Court's terrible decision in the Citizens United case through laying the foundation to amend the U.S. Constitution. We will be sending out an update of CMD's work in coalition efforts on this critical issue later this month. In the meantime, we have obtained permission to re-print this provocative editorial commentary on Corporate rights and British Petroleum's role in the devastating oil disaster in the Gulf of Mexico, by fellow amendment proponent Bruce Dixon. -- Lisa Graves, Executive Director of the Center for Media and Democracy)

What If BP Was A Human Being?

By BAR managing editor Bruce A. Dixon

The third largest oil company in the world, BP was born in 1909 as the Anglo-Persian Oil Company, and was partly owned by the British government. Its headquarters offices are in the UK.. So if it were a flesh and blood person, it would be far and away the wealthiest person on earth, and a nominal British subject. Assuming that our imaginary human BP got into the oil business at the youthful age of say, 20, and stayed at it for just over a century, BP the human being would be closing in on his 121st birthday. Damned few of us will see triple digits, and none of us that reach even our 60s and 70s retain the level of energy, or often of interest that we possessed only a couple decades before. A normal 120 year-old human will have more than a few ailments and bodily systems on the brink of failure. But not our human BP. If BP were a person, it would be immensely, almost inconceivably wealthy AND perhaps immortal.

Dr. George Rekers of Family Research CouncilRecently, SourceWatch helped preserve history when the Family Research Council (FRC) deleted one of its co-founders from its website after he was caught in an embarrassing scandal. The FRC was co-founded by James Dobson and George Rekers, and the organization attempts to inject what it considers to be evangelical Christian values into the public debate. Most recently, as noted in SourceWatch, the FRC held a "prayercast" against health insurance reform in which Dobson publicly prayed that his savior would "frustrate the plans of the Evil One and revive us again with conviction and forgiveness,” referring to the President of the United States, Barack Obama.

A lead editorial by the New York Times on May 5, 2010 parallels arguments made by the Center for Media and Democracy's "Real Economy Project" and publishers of BanksterUSA on the necessity of shrinking the "Too Big to Fail" firms and cracking down on the gambling in the derivatives market. True leadership in the aftermath of Wall Street's reckless disregard for our country's economic future requires tough reforms, not watered-down compromises in the name of "bipartisanship." With all the misinformation out there about who is really on the side of the American people and who is in the pocket of the Big Banks, now is the time for clarity, not for the sake of political expediency, but because the flawed de-regulation and market-knows-best policies of the recent past must be put in check for the health of our economic opportunities and for our nation's future prosperity.