Truth to Power

Fed to court? Yowza.

House committee subpoenas Federal Reserve

The congressional panel investigating what happened to all that bank bailout money has issued a subpoena to the Federal Reserve, asking them to hand over all documents relating to the takeover of Merrill Lynch by the Bank of America.

On January 1, BofA finalized its purchase of Merrill Lynch for just over $29.1 billion. That made the bank eligible for an additional $20 billion in federal rescue money, bringing BofA’s total to some $45 billion. Now, Reps. Dennis Kucinich (D-OH) and Edolphus Towns (D-NY) want to know exactly what the banks and the Federal Reserve agreed to when they arranged the deal last year.</em>

Now, grab some popcorn. This should be interesting.


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