Waxman Investigates Fed's Contract with BlackRock

House Oversight Chairman Henry Waxman (D-Calif.) today requested information on the Federal Reserve's deal with BlackRock Financial Management, Inc., the firm hired to manage the portfolio backing the Bear Stearns buyout.

Waxman expressed concern that the Fed awarded a no-bid contract to BlackRock to manage $30 billion in tax revenue. The Fed's regional bank in New York made an immediate, no-bid deal with BlackRock to manage the portfolio backing its loan to JP Morgan Chase.

See Waxman's letter to Timothy Giethner, president of the Federal Reserve Bank of New York, after the jump.

Judge: Boehner Can Get $1M in Fees in McDermott Suit

A federal judge has ruled that Minority Leader John Boehner (R-Ohio) can collect more than $1 million in legal fees in a lawsuit against Rep. Jim McDermott (D-Wash.) over a taped phone call, the Associated Press reports.

Boehner had sued McDermott for leaking a tape of a 1996 call featuring Republican congressmen discussing an ethics case against then-Speaker Newt Gingrich (R-Ga.).

McDermott told The Hill