Dreier Seeks Answers on AIG Retreat

October 20, 2008

WASHINGTON, D.C. - Congressman David Dreier (R-San Dimas, CA) has joined a bipartisan group of lawmakers in seeking answers from the Treasury Secretary and Chairman of the Federal Reserve on the “retreat” held by AIG just after they received an $85 Billion infusion of taxpayer funds.  In a letter to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, Dreier and his colleagues request the taxpayers be refunded if any portion of the retreat was paid for with taxpayer dollars.

“At a time when many of our constituents have serious concerns about their own financial security, we demand that you ensure that no taxpayer funds were used by AIG to host this retreat,” the letter states.  It continues, “If taxpayer funds were used, we demand that AIG repay the American people in full.  It is crucial that the American people be able to trust the actions of the Federal Reserve and the Treasury.”

Dreier said the outrage about AIG’s retreat was swift and overwhelmingly bipartisan.  “During this time of uncertainty, the taxpayers are rightfully demanding accountability in how their money is being used to aid the economy.  If there is waste, fraud, and abuse, we need to know about it and the American people need to get their money back.”                                                              

Please click here to view a copy of the letter.