Senate to Probe Bear Stearns Buyout by JPMorgan

NEW YORK -- 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., Bloomberg News reported Wednesday.

Committee Chairman Max Baucus, a Montana Democrat, and Iowa Senator Charles Grassley, the panel's top Republican, sent a letter to the firms' chief executives, 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, Bloomberg News reported.

-- NYSSCPA.org News Staff

Posted on 3/26/08