US Sen Levin Will Release TARP Contracts
14 January 2009 - 10:43AM
Dow Jones News
An investigative committee headed by Sen. Carl Levin, D-Mich.,
will publicly release contracts governing federal investments in
several large financial institutions, a spokeswoman for the senator
said Tuesday.
The senator intends to release the documents, consistent with
Senate rules, after reviewing them for proprietary information,
spokeswoman Tara Andringa said.
Levin's office said earlier that the documents wouldn't be
released to the public.
Under threat of a subpoena, the U.S. Treasury Department has
agreed to provide Levin with contracts related to government
investments in American International Group Inc. (AIG), Bank of
America Corp. (BAC), Bank of New York Mellon Corp. (BK), Citigroup
Inc. (C), Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co.
(JPM), Merrill Lynch, Morgan Stanley (MS), State Street Corp. (STT)
and Wells Fargo & Co. (WFC).
Levin is chair of the Permanent Senate Subcommittee on
Investigations, which investigates federal government
activities.
Levin's office expects the contracts, related to capital
injections made under the controversial $700 billion Troubled Asset
Relief Program, will be delivered this week.
The U.S. Treasury has so far provided a combined $185 billion in
capital to the institutions.
-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629;
meena.thiruvengadam@dowjones.com
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