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New York Fed Faces House Subpoena Over AIG Bailout Payments
Hugh Son
Bloomberg
Wednesday , January 13th, 2010
The Federal Reserve Bank of New York may be forced
to deliver documents related to American International Group
Inc.’s government bailout after the chairman of a House
oversight committee said he would issue a subpoena.
Edolphus Towns, the New York Democrat who runs the Oversight
and Government Reform Committee, said yesterday in a statement
that he would issue a subpoena for New York Fed records concerning
the decision it made to fully reimburse AIG’s partners.
Banks including Goldman Sachs Group Inc. and Societe Generale
SA were among beneficiaries of AIG’s rescue, called by
lawmakers a “backdoor bailout” for financial firms.
The New York Fed, run by Timothy Geithner when AIG was rescued,
had resisted since November calls to provide documents without
a subpoena, Darrell Issa of California, the ranking Republican
on the oversight committee, said yesterday in a letter. The
New York Fed asked AIG to withhold the disclosure of information
about the bank payments to the public, according to e-mails
provided by Issa to Bloomberg News last week.
“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 his statement.
Full
article here
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