Press Release

 

“While I anticipated that AIG would come back to the government begging for additional taxpayer dollars, I am disturbed that it has happened so soon—particularly in light of what appears to be the continuation of reckless spending by the company. There are still too many unanswered questions about how AIG has spent the first portion of TARP assistance, and we must be very cautious and deliberate in responding to the company’s likely new request.

“If we allocate additional funds to AIG, the American taxpayers will essentially completely own the company and will be entitled to complete disclosure of how the business is being run and where this money is being spent. This information must include a complete review of the company’s compensation policies, with particular emphasis paid to the more than $1 billion in ‘retention payments’ that have been distributed even while the company is failing.

 

“We also need to seriously evaluate the leadership at AIG and determine whether or not change would be appropriate at this point. As millions of the taxpayers who are footing the bill for AIG’s parties and bonuses are losing their jobs and their homes, we continue to see examples of profligate and irresponsible decision-making by the company’s leadership. This is simply unacceptable.

 

“I have previously requested that my colleague, Congressman Edolphus Towns, Chairman of the Oversight and Government Reform Committee, convene a hearing to examine some of the alarming questions that have been raised about AIG. It is critical that we get to the bottom of what is going on with AIG, and I hope this hearing will take place at the earliest possible date.”

 

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