TARP Overseer Joins Board of Firm With Bank Ties

WASHINGTON (AP) - After helping oversee the Wall Street bailout,
Former Sen. John Sununu is joining the board of ConvergEx Holdings
-- a company affiliated with a bank that got $3 billion in federal
Sununu has been named to the board of ConvergEx Holdings LLC,
the holding company for BNY ConvergEx Group. A BNY ConvergEx
spokeswoman says the company is technically an affiliate of The
Bank of New York Mellon Corp., one of nine banks that received
bailout money last fall.
The bank also serves as Treasury's custodian of the bailout
funds, a massive job that includes holding and administering all
cash and assets in the program's portfolio.
But the spokeswoman says the bank does not control the board or
the company.
Sununu was appointed to the five-member Congressional Oversight
Panel of the Troubled Asset Relief Program in December. He says
ConvergEx is not "eligible to apply for or receive funds through
any programs established under TARP."
The company didn't disclose Sununu's salary.

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