24 April 2009

Congress Threatens Subpoena Over BoA Threats

Now that Bank of America CEO Ken Lewis' testimony before NY State Attorney General Andrew Cuomo has been released, members of Congress want the documents to investigate, and are threatening a subpoena if they don't get them.

Representatives Rep. Edolphus Towns (D-N.Y.), chairman of the House Oversight and Government Reform Committee, and Dennis Kucinich (D-OH), who the Domestic Policy subpanel, are demanding that all relevant documents be turned over to them, and they are threatening a subpoena:
The implications of Mr. Lewis’ testimony, if accurate, are extremely serious. Under these circumstances failure to comply with the Subcommittee’s request raises the prospect that we will be forced to consider compulsory means to achieve compliance with our request. However, we would prefer your voluntary compliance.
(emphasis mine)

As I've said before, it sounds to me like Paulson and Bernanke broke the law, and a full investigation would be a very good idea.

Hell an indictment would be a very good idea.


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