March 26, 2008 (LPAC)--The Senate Finance Committee, in the persons of committee chairman Max Baucus (D-Montana) and ranking minority member Charles Grassley (R-Iowa), have sent letters to the CEOs of J.P. Morgan Chase and Bear Stearns and to Treasury Secretary Henry Paulson, Fed chairman Ben Bernanke and New York Fed President Tim Geithner, requesting by March 28 the exact details of the agreement under which Morgan Chase will buy Bear Stearns, details on how and by whom it was negotiated, and the names of all parties to the deal. The Senators requested the details of all the steps taken, a description of the assets to be secured by the Fed, and copies of all documents filed with the SEC.

"With jurisdiction over Federal debt, it's the Finance Committee's responsibility to pin down just how the government decided to front $30 billion in taxpayer dollars for the Bear Stearns deal, and to monitor the changing terms of the sale," Baucus said in a statement.

Investigations can be useful, but the necessary standard for dealing with unconstitutional actions is to reverse them, and to ensure they do not recur. Given Congress's abysmal and cowardly record where the international financial system is concerned, we strongly urge the Senate to break profile and fight for the Constitution and the general welfare of the population. LaRouche, and his political action committee, will be watching.