If the record $81.7 billion in profit that the U.S. Federal Reserve reported for 2010 was turned over to taxpayers directly, there's no doubt it would have some "stimulus" benefit; after all, a $270 check for every man, woman and child in the United States ain't chicken feed. But since that money actually just "disappears" into the coffers of the U.S. Treasury, it does very little good for anybody.
Still, since the pretax earnings of Goldman Sachs Group Inc. (GS) never got above the $12 billion mark, it's worth taking a closer look at the Fed's reported profits to see just what's going on -- especially since we taxpayers will be called upon to bail out the central bank once the inevitable losses arrive. And once you take the time to investigate, you'll quickly realize two things: This "profit" isn't what it seems, and you should be worried -- very
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