US lawmakers demand info on AIG payments to banks
US representative Edolphus Towns, chair of the House Committee on Oversight and Government Reform, has issued a subpoena for Federal Reserve Bank of New York documents about the rescue of AIG.
He said he was issuing a subpoena that would provide lawmakers "with documents that will shed light on how and why taxpayer dollars were used for a backdoor bailout."
Documents recently released by representative Darrell Issa show officials at the regional Fed bank told AIG not to disclose details of $62bn in bets on soured mortgage securities were paid off in full in late 2008.
Reuters said the NYF Fed would cooperate. "We will work with the committee to provide relevant information as appropriate," New York Fed spokeswoman Deborah Kilroe said.
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