The October 3, 2011 issue of the Huffington Post has a series of articles regarding Bear Stearns and Jimmy Cayne.
Scott G. Alvarez General Counsel Board of Governors of the Federal Reserve System
and Thomas C. Baxter, Jr. General Counsel Federal Reserve Bank of New York
before the Subcommittee on Domestic Monetary Policy and Technology Committee on Financial Services U.S. House of Representatives June 1, 2011
The independent audit also covers transactions conducted through each of the special lending facilities established by the Federal Reserve under section 13(3) of the Federal Reserve Act and the financial statements of Maiden Lane, Maiden Lane II, and Maiden Lane III, as well as the transactions conducted through the discount window and with foreign central banks.
On March 31, 2011, the Federal Reserve released documents related to the discount window in response to requests filed by Bloomberg L.P. and Fox News Network LLC under the Freedom of Information Act. Discount window lending under section 10B of the Federal Reserve Act offers secured, short-term loans from the Reserve Banks to depository institutions located in the lending Reserve Bank’s district. The March 31 release included documents containing information related to borrowers at the discount window between August 8, 2007, and March 1, 2010, that was not required to be disclosed under the Dodd-Frank Act.
See section 1103(b) of the Dodd-Frank Act. The data released on December 1, 2010, included transaction-level information about the following programs: the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF); the Term Asset-Backed Securities Loan Facility (TALF); the Primary Dealer Credit Facility (PDCF); the Commercial Paper Funding Facility (CPFF); the Term Securities Lending Facility (TSLF); the TSLF Options Program (TOP); the Term Auction Facility (TAF); agency MBS purchases; dollar liquidity swap lines with foreign central banks; assistance to Bear Stearns, including Maiden Lane; and assistance to American International Group, including Maiden Lane II and III. The information can be found on the Board’s website at www.federalreserve.gov/newsevents/press/monetary/20101201a.htm.
The Dodd-Frank Act has substantially modified the ability of the Federal Reserve to extend emergency credit to single identified non-banking companies. Now, credit under section 13(3) of the Federal Reserve Act may only be offered through credit facilities with broad-based eligibility.
U.S. HOUSE OF REPRESENTATIVES
COMMITTEE ON WAYS AND MEANS
OMMITTEE ON FINANCE
JULY 13, 2011
C-Span: House Finance Committee: SEC Oversight Sept 15, 2011
The House Financial Services Committee held a hearing titled "Fixing the Watchdog: Legislative Proposals to Improve and Enhance the Securities and Exchange Commission." Members made opening statements.
Washington, DC - Rep. Barney Frank, chairman of the House Committee on Financial Services, today sent a letter to U.S. Securities and Exchange Commission Chairman Christopher Cox, calling on the Commission to broaden its investigation of questionable trading of Bear Stearns stock in the days preceding its collapse to include trading activity in the stock of all of the large investment banks. Chairman Frank noted that, “Depending on what the Commission finds, this may lead to a broader inquiry into short selling by the SEC and Congress.”