Panel subpoenas Fed for AIG records

[babylonsister]

Panel subpoenas Fed for AIG records
By Silla Brush - 01/12/10 01:25 PM ET


A key House panel will issue a subpoena to the Federal Reserve for documents about how taxpayer money was used to bail out American International Group.

Rep. Edolphus Towns (D-N.Y.), chairman of the House Committee on Oversight and Government Reform, said he would issue a subpoena to the New York Fed for documents related to the roughly $60 billion in bailout money that was committed to AIG's counterparties.

The Fed has come under intense scrutiny for its role in the bailout and for actions taken to award money to major American and foreign banks that were counterparties to derivatives transactions.

"This subpoena will provide the committee with documents that will shed light on how and why taxpayer dollars were used for a backdoor bailout," Towns said in a statement.

more...

http://thehill.com/blogs/blog-briefing-room/news/75465-house-committee-subpoenas-fed-for-aig-documents

[Subdivisions]

1. And the Fed is fighting tooth-and-nail to prevent those records from

being made public:

http://www.rcfp.org/newsitems/index.php?i=11212