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Bunning hits stride in last year in office

by Joe Arnold

WHAS11.com

Posted on January 13, 2010 at 2:05 AM

 

Since U.S. Senator Jim Bunning announced his retirement as Kentucky's junior senator, much more attention has been targeted toward his potential successors than Bunning.  Yet, Bunning continues to challenge U.S. monetary policy and past actions of the Federal Reserve.  Bunning's latest argument, as outlined in the New York Daily News, is a potential bombshell for Treasury Secretary Tim Geithner, led the New York Federal Reserve when, Bunning says, the Fed discouraged AIG from diealing homestly with the Securities and Exchange Commission.

Daily News: 

U.S. regulators should investigate whether laws were violated when the New York Federal Reserve Bank under Timothy Geithner urged insurer AIG to limit discussions about payments to banks, a Republican lawmaker said on Tuesday.

Republican Senator Jim Bunning of Kentucky, a member of the Senate Banking Committee, said an email exchange released on January 7 that showed the New York Fed advising American International Group Inc to withhold information about its derivatives counterparties from its Securities and Exchange Commission filings raised serious issues.

"Because the information withheld appears to be material information about the financial condition of AIG and the value of the company, these actions may constitute a serious violation of the securities laws," Bunning said in a letter to SEC Chairman Mary Schapiro.

The SEC declined to comment.

Since U.S. Senator Jim Bunning announced his retirement as Kentucky's junior senator, much more attention has been targeted toward his potential successors than Bunning.  Yet, Bunning continues to challenge U.S. monetary policy and past actions of the Federal Reserve.  Bunning's latest argument, as outlined in the New York Daily News, is a potential bombshell for Treasury Secretary Tim Geithner, led the New York Federal Reserve when, Bunning says, the Fed discouraged AIG from diealing homestly with the Securities and Exchange Commission.

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