NU Online News Service, Jan. 26, 4:19 p.m. EST

WASHINGTON–The Federal Reserve Bank of New York had American International Group use bailout money to pay banks full collateral on assets, some of which had dropped in value by more than 60 percent, a federal official is to tell a congressional committee tomorrow.

Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, will make that report, according to an advance copy of his testimony for the House Committee on Oversight and Government Reform.

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