Press Release

FOR IMMEDIATE RELEASE November 10, 2008 Contact: Jennifer Kohl 202.225.4289 or 202.225.4025 Trudy Perkins 410.685.9199 or 202.225.4641

Cummings: ‘AIG Acting as Healthy as Ever’

Washington, DC— Today, Congressman Elijah E. Cummings (D-Md.), a senior member of the House Committee on Oversight and Government Reform and a member of the Joint Economic Committee, released the following statement in response to recent news reports concerning AIG:   “I was absolutely shocked and extremely disappointed to hear of the new bailout package for AIG—just as I was shocked and disappointed to learn that the company held another executive spa day over the weekend in Phoenix, Arizona. AIG is coming to the government claiming to be in critical condition and asking to be placed under intensive care, but they are still going out partying and acting as healthy as ever.   “This new information is particularly egregious in light of a letter sent to me by AIG Chairman and CEO, Mr. Edward Liddy, in which I was assured that this sort of behavior would not be tolerated. It appears that Mr. Liddy has failed to keep his word. We cannot continue to infuse this company—or any other—with taxpayer dollars when the company is strong enough to host junkets and provide its executives with golden parachutes.   “When the Fed initially announced the bailout of AIG earlier this year, it said that the steps taken were enough to rescue the company. Now, we are looking at nearly double the price tag—and with even weaker restrictions. It is hard to sympathize with a company that was driven into the ground because of corporate greed, recklessness, and irresponsibility, and it is even harder to sympathize when this company’s executives continue to wade by luxury pools while the everyday American whose taxpayer dollars are being used to save the company are hard at work.   “Again, I encourage Treasury Secretary Paulson to be very deliberate and thoughtful in how the $700 billion recovery package will be utilized. We cannot afford to keep throwing money into a bucket with a hole in it. The American people deserve better than this.”   ###