AIG Bailout: Issa Demands Fed Turn Over All AIG Documents

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  1. hvactec
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    First Posted: 02-19-10 12:00 AM


    A leading House Republican called for Federal Reserve Chairman Ben Bernanke to release more documents related to the 2008 bailout of troubled insurer AIG.

    In a letter dated Wednesday, Rep. Darrell Issa of California, the top ranking Republican on the House Oversight and Government Reform Committee, demanded that Bernanke turn over the records by March 2.

    Issa's investigation into the secretive and oft-criticized AIG bailout -- which at one point put taxpayers on the hook for more than $180 billion -- has already yielded about 250,000 pages of documents. Thanks to Issa's dogged efforts and subpoenas for information, taxpayers have learned crucial details that the Fed and its regional arm in New York had tried to keep under wraps.

    But in a separate letter to his committee's Democratic chairman, Edolphus Towns of New York, Issa said his work is "far from complete." Referring to the AIG bailout and subsequent "cover-up," Issa accused the Federal Reserve Bank of New York of withholding key documents and asked Towns to hold the New York Fed in contempt "if they continue to fail to comply" with the committee's subpoena for all related documents.

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