Treasury To Release Some TARP Contracts

January 12, 2009 2:04 pm

Looks like the Senate may finally be prying loose a bit more information from the Treasury Department about its bailout spending.

We just received the following statement from Sen. Carl Levin:

The Department of Treasury assured me today that there will be no need to serve a subpoena, because they will provide the documents I have requested, beginning tomorrow,” said Levin. “It should not have taken two months and a subpoena threat, but I — along with Senator Susan Collins who supports obtaining these documents — look forward to receiving the documents this week.”

The Treasury Department has agreed to provide copies of the TARP contracts issued to ten companies: AIG, Bank of America, Bank of New York Mellon Corporation, Citigroup, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Morgan Stanley, State Street Corporation, and Wells Fargo.

Levin, the chairman of the Permanent Subcommittee on Investigations, had said he wouldn’t vote for releasing the additional $350 billion in TARP funds requested by the Treasury unless the department revealed more information about the contracts it signed in connection with the first $350 billion.

Bank of New York Mellon has contracted with the treasury to help manage the TARP program.

We’ve called Levin’s office to find out about getting our own copies of these contracts…

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