Sam Johnson rips AIG tony getaway
Demands accountability and action
Washington,
Oct 17 -
Today U.S. Congressman Sam Johnson (3rd Dist.-Texas) sent a bipartisan letter to Treasury Secretary Paulson and Federal Reserve Chairman Bernanke condemning AIG’s luxurious getaway. In the letter, Johnson and fellow Members of Congress demanded that the nation’s financial leaders determine whether or not AIG spent taxpayer funds, and if so, insisted that “AIG repay the American people in full.”
The text of the letter follows.
“We write to express strong concerns about AIG’s possible misuse of federal taxpayer funds.
“It has come to our attention that, after the Federal Government provided a loan of $85 billion to AIG, the AIG executives hosted a lavish $440,000 retreat at the St. Regis Resort in Monarch Beach, California.
“Even more troubling, the day after this was revealed to the House Oversight and Government Reform Committee, the New York branch of the Federal Reserve announced it will borrow $37.8 billion in investment-grade securities from AIG in exchange for cash.
“At a time when many of our constituents have concerns about their own financial security, we demand that you ensure that no taxpayer funds were used by AIG to host this retreat.
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.”
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