BUSINESS
08/31/2010 05:12 am ET | Updated May 25, 2011

Fed Bought Junk Bonds In Maiden Lane Wall Street Rescue, But Didn't Tell Congress

Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in "assets" the government agreed to purchase in the rescue of Bear Stearns Cos. were "investment-grade." They didn't share everything the Fed knew about the money.

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