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March 26 (Bloomberg) -- The top lawmakers on the Senate Finance Committee said they are reviewing the terms of the taxpayer-backed sale of Bear Stearns Cos. to JPMorgan Chase & Co.
Committee Chairman Max Baucus, a Montana Democrat, and Iowa Senator Charles Grassley, the panel's top Republican, sent a letter to Bear Stearns Chief Executive Alan Schwartz, JP Morgan Chief Executive Jamie Dimon, Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben S. Bernanke, and New York Fed President Timothy Geithner seeking details on how the buyout was negotiated.
``Americans are being asked to back a brand-new kind of transaction, to the tune of tens of billions of dollars,'' Baucus said in a statement. ``With jurisdiction over federal debt, it's the Finance Committee's responsibility to pin down just how the government decided to front $30 billion in taxpayer dollars'' for the deal, Baucus wrote.
The committee's inquiry may herald a broader congressional backlash to the agreement, which Senate Majority Leader Harry Reid of Nevada has described as a ``bailout.''
Originally posted by Maxmars
This will be very revealing. Not because the media will tell us anything we
We allowed our representatives to sell us out to the private bankers, but they never imagined having to answer for it! Let's throw 'em down the well and watch them fizz!
Originally posted by roadgravel
Call me cynical