Cain said that, in fact, he didn't oppose an audit, and that when he served on the Fed it was a different institution. "You have misquoted me. I did not call you or any of your people ignorant. I don't know where that came from," he said. "You've gotta be careful of the stuff you get off the Internet."
A careful check of the Internet, however -- guided by the Paul campaign -- turns up audio of Cain saying just what Paul accused him of saying. As recently as 2010, long after the Fed began engaging in the lending Cain says he opposed, Cain belittled those calling for an audit.
"Some people say that we ought to audit the Fed. Here's what I do know. The Federal Reserve already has so many internal audits it's ridiculous. I don't know why people think we're gonna learn this great amount of information by auditing the Federal Reserve. I think a lot of people are calling for this audit of the Federal Reserve because they don't know enough about it. There's no hidden secrets going on in the Federal Reserve to my knowledge," he said.