Congress scrutinizing Bear Stearns purchase

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By The Associated Press

Story Published: Mar 26, 2008 at 9:39 AM MDT

Story Updated: Mar 26, 2008 at 9:39 AM MDT

WASHINGTON - Two key senators are demanding details of the last-minute sale of failing investment bank Bear Stearns to JP Morgan. And they want to know how the Federal Reserve's backing for the deal could affect taxpayers.

Pushing for those answers are the chairman of the Senate Finance Committee, Democrat Max Baucus of Montana, and the vice chairman, Republican Charles Grassley of Iowa. They've written to executives of both firms, Treasury Secretary Henry Paulson, and Fed Chairman Ben Bernanke, seeking specifics of the transaction by week's end.

The Senate Finance panel oversees U.S. debt and the Treasury-backed securities that were used to guarantee the Bear Stearns-JP Morgan sale.

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