Congress Subpoenas Info From B of A Relating To Alleged VIP Program

Here’s something that you do not see every day: One of the nation’s leading financial institutions, Bank of America, has been ordered to provide information to the House of Representatives in an apparent Congressional effort to determine whether Countrywide Financial, which Bank of America acquired last year, had granted favorable terms to lawmakers and other “VIPs.”

 
Where might this be going? Well, California Republican Representative Darrell Issa said in a statement on Friday that, “Countrywide orchestrated a deliberate and calculated effort to buy powerful friends for the purpose of using these relationships to manipulate public policy and further their bottom line to the detriment to the American taxpayers."
 
This investigation may have some long-term repercussions of significance, if it gains traction.