News for 'BSC' - (DJ Lawmakers Want More Info On Bear Stearns Deal)
DOW JONES NEWSWIRES
Capitol Hill is increasing its scrutiny into the J.P. Morgan Chase (JPM) and Federal Reserve-backed bailout of failing brokerage Bear Stearns Co. (BSC), as lawmakers asked for more information on the deal Wednesday.
Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Chuck Grassley (R-Iowa) said that they are requesting "exact details of the sale agreement, how and by whom it was negotiated, and all parties to it," and called the acquisition a "taxpayer-backed" transaction.
"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 Bear Stearns deal, and to monitor the changing terms of the sale," Baucus said in a statement.
-Riley McDermid; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 26, 2008 10:29 ET (14:29 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 10 29 AM EDT 03-26-08
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