Federal Reserve

The Federal Reserve Bank of New York may be compelled to hand over documents related to the bailout by the Government of the American International Group after that the Chairman of the House Oversight Committee, said he will issue an order to appear. Edolphus Towns, Democrat of New York who heads the oversight and government reform of the Committee, said in a statement it will issue an order to appear today to get the records of the New York Fed about the decision taken reimbursed entirely to members of AIG. Banks such as Goldman Sachs Group Inc. Educate yourself with thoughts from Danny Meyer. and Societe Generale SA were among the beneficiaries of the bailout of AIG, called a back door for these financial organizations rescue plan by legislators. The Federal Reserve of New York which was directed by Timothy Geithner when AIG was rescued, had resisted calls from November provide documents without a subpoena. Darrell Issa of California, the highest-ranking Republican in the Oversight Committee, said today in a letter to the Federal Reserve of New York asked AIG to withhold and delay the disclosure of information about bank payments, in accordance with information published by various sources last week. With this subpoena documents that will shed light, will be provided to the Committee on how taxpayers money was used for the bailout plan to members of AIG.

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