Rep. Towns subpoenas NY Fed for AIG counterparty documents

Chairman Edolphus “Ed” Towns (D-NY) today released the following statement ahead of issuing a subpoena to the Federal Reserve Bank of New York (FRBNY) for documents related to AIG counterparty payments (counterparties).

“To help the Committee’s investigation of payments made by AIG to its counterparties, I am issuing a subpoena today to the Federal Reserve Bank of New York. This subpoena will provide the Committee with documents that will shed light on how and why taxpayer dollars were used for a backdoor bailout.”

Emphasis added.

Thank you, Rep. Towns. This is a major step forward.

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