Rep. Cummings Questions Brian Moynihan Regarding the BofA/Merrill Lynch Merger on 11/17/2009

Congressman Elijah Cummings questions witnesses in an hearing of the Oversight and Government Reform Committee on 11/17/2009, which dealt with a report issued by SIGTARP Neil Barofsky, regarding payments made by AIG, after that organization was rescued via payments from Treasury and the Federal Reserve.

The SIGTARP report reveals that counterparty payments were made after efforts were made by the Federal Reserve Bank of New York, on behalf of AIG, to negotiate haircuts; payments made at a lower level than promised.

Those companies refused, thus all companies were paid full value on their transactions.

Congressman Cummings is also reaffirming his call to audit the Federal Reserve. Cummings is a co-sponsor of Rep. Kucinichs Federal Reserve Credit Facility Review Act of 2009 (H.R. 2424), and supports ongoing efforts in the House and Senate to provide for such an audit.

www.house.gov/cummings

Category:

News & Politics

Tags:

• Bank of America
• Elijah Cummings
• Oversight Committee
• Brian Moynihan
• Merrill Lynch