Tags: US | Fed | AIG | Secrecy

N.Y. Fed to Be Subpoenaed for AIG Bailout Data

Tuesday, 12 Jan 2010 02:14 PM

A leading congressman says he will subpoena the Federal Reserve Bank of New York for documents related to the bailout of insurance conglomerate American International Group Inc.

New York Democrat Edolphus Towns says he will demand the documents in a probe of decisions made under Treasury Secretary Timothy Geithner's leadership.

The committee is investigating the New York Fed's suppression of details about AIG deals that sent billions of dollars to other banks including Goldman Sachs Group Inc.

The subpoena comes after the Fed told a bailout watchdog not to cooperate with the committee. California Rep. Darrell Issa, the committee's top Republican, asked Towns to issue the subpoena.

Geithner was president of the New York Fed when the decisions were made.

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A leading congressman says he will subpoena the Federal Reserve Bank of New York for documents related to the bailout of insurance conglomerate American International Group Inc.New York Democrat Edolphus Towns says he will demand the documents in a probe of decisions made...
US,Fed,AIG,Secrecy
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