House Subpoenas NY Fed 'Backdoor Bailout' Docs

Law360, New York (January 12, 2010, 7:12 PM EST) -- A U.S. House of Representatives panel has subpoenaed the Federal Reserve Bank of New York for documents related to payments that American International Group Inc. made to counterparties, as part of a probe into whether the FRBNY hid details of AIG's bailout.

Rep. Edolphus Towns, D-N.Y., said Tuesday the House Committee on Oversight and Government Reform subpoenaed the documents to aid its AIG counterparty payments probe.

“This subpoena will provide the committee with documents that will shed light on how and why taxpayer dollars were used...
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