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« Timmy Called To Principal Issa's Office | Main | Bernanke Vote Update: Durbin 'Yes'; McCain 'No' (VIDEO) »
Tuesday
Jan262010

TARP Inspector Barofsky Announces Formal Investigation of NY Fed 'Misconduct' In Secretive AIG Bailout

This is really starting to get interesting.  Not one, but two formal investigations into possible New York Fed 'misconduct' were announced late Monday night by TARP Inspector General Neil Barofsky, who will testify along with Tim Geithner on Wednesday before the House Oversight committee headed by Towns and Issa.

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The government watchdog of the Troubled Asset Relief Program has opened two new investigations as a result of documents obtained as part of a House investigation into the insurance giant AIG.

Neil Barofsky, the special inspector general of TARP, will probe whether there was any misconduct relating to the disclosure - or lack thereof - of AIG fully paying out pricey insurance contracts to big banks after receiving a government bailout, according to the inspector general's prepared testimony obtained by POLITICO.

Secondly, Barofsky will investigate the "extent of the Federal Reserve's cooperation" during an internal audit of the bailout program. A subpoena by the House Oversight and Government Reform committee produced documents not obtained by the special inspector general as part of its probe.

 The testimony, which will include an official announcement of this investigation, will be given by Barofsky at Wednesday's House Oversight and Government Reform committee hearing into AIG's full payment of credit default swap contracts to big banks after the government bailed the insurance giant out with more than $150 billion dollars.

  • If anyone at the Fed thought that this investigation will stop after Wednesday’s hearing, they are completely mistaken,” Issa said yesterday in a statement.  “There has been a widespread effort by officials at the New York Fed to thwart transparency and we will continue to pursue this investigation for as long as it takes.”

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Sources:  Bloomberg  &  Politico

 

 

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Reader Comments (9)

http://www.bloomberg.com/apps/news?pid=20601087&sid=a7g48W_yRRW0&pos=5

N.Y. Fed Investigated by Treasury’s Barofsky Over AIG Bailout
Jan 26, 2010 at 6:23 AM | Registered CommenterDailyBail
Jan 26, 2010 at 6:24 AM | Registered CommenterDailyBail
Great gets on the runup to Wednesday's investigative dog/pony, donkeycong.... DB, even without any support, you manage to cover the news that the Dead Media cannot! Thanks.
Jan 26, 2010 at 6:33 AM | Unregistered CommenterWestWright
WOW--Barofsky reads the Bail!! Smart guy.
Jan 26, 2010 at 7:07 AM | Unregistered CommenterSonic Ninja Kitty
Sweet!
Jan 26, 2010 at 7:49 AM | Unregistered CommenterJames H
thanks west...this story makes me so freaking happy...especially now that barofsky is really free to conduct investigations...a few months ago he was still hampered...but now he can investigate geithner's lunch if he chooses...
Jan 26, 2010 at 8:26 AM | Registered CommenterDailyBail
This is great news. I added it to my Vote "NO" on Cloture re Bernnake letters. (There's an investigation and a cover-up going on, by gum. You can't end DEBATE, can you?)

BTW, anyone else having trouble emailing their Satanors? I wrote Lugar a while back, but after I wrote Bayh (buh bye if you vote YES), I got an "http...service unavailable" message and it wouldn't send. Can't get back to Lugar's email form, either. Same message. Have we crashed the system? (Ken, was that you?)l
Jan 26, 2010 at 11:11 AM | Unregistered CommenterJames H
@DB

My last rant here...sorry for the repeat but it is warranted to all debates here


this day in USA history again:
Prepare fo survival Fellow Americans

FELLOW AMERICANS...........REVOLT ONLY SOLUTION LEFT

Top Economists - Another Economic Disaster Coming
http://www.youtube.com/watch?v=MYvUSw51QKg

HOME GROWN WALL STREET BANKER FONANCIAL ALQAEDA

WORKING CLASS MUST REVOLT NOW.....STOP ALL PAYMENTS TO ALQAEDA

STARVE THE BEAST NOW=NON VIOLENT REVOLT

WE MUST BAIL OURSELVES OUT NOW

seekanddestroy, we are already paying higher rates to the banks. These banks that lost a ton of cash jacked up rates on credit cards and other loans, then dropped interested on CD's and Savings. That is one reason they made money last year. It don't matter what the gov does in the form of new taxes, when ever a bank needs money they are going to bleed it from the people who do business with them.
Jan 26, 2010 at 1:13 PM | Unregistered CommenterKen
Since I do NOT believe the TAILSPIN this country is in is REVERSIBLE in any way, shape or form, I'll just stick to my usual snide and cynical comment of the day, namely; These TARP inspectors couldn't 'investigate' the exact location of their own assholes, even if they used BOTH hands to look for it!
Jan 26, 2010 at 6:49 PM | Unregistered CommenterRecoverylessRecovery

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