Press Release |
|
|
|
Congressman questions Geithner, others, on transparency and accountability. ( The hearing concerned payments made by AIG in 2008, using government funds made available to AIG by the New York Fed, to holders of default swap contract payments. Payments were made at 100 percent of their assigned value, despite negotiations undertaken by both AIG and the Federal Reserve Bank of Reports indicated that AIG may have been pressured by employees of the FRBNY to avoid or delay disclosing to the Securities and Exchange Commission credit default swap contract settlement payments, and the identities of counterparties who received payments. “My concern here has always been to ensure that the taxpayers’ money has been spent for their benefit, and this Committee, and this Congress act with the utmost integrity,” said Cummings. “I believe this hearing is an example of that integrity. The events that unfolded starting with the initial $85 billion Federal Reserve loan to AIG in September 2008 have been truly unprecedented, both in terms of scope and magnitude. “As distasteful as the AIG bailout was, the systemic risk posed by AIG to the domestic and international economies was real, and cannot be overstated. A disorderly AIG collapse would have been devastating far beyond Wall Street, well onto Secretary Geithner confirmed that he was recused from FRBNY dealings by the time the decision was made to manage the disclosures. Geithner also answered questions Congressman Cummings posed, regarding his own feelings on the importance of transparency. “There are very few cases where there should be a lag in disclosure, or some gap,” said Geithner. “In national security, in law enforcement, and in protection of confidential supervisory information; we would not want to disclose information that would hurt the taxpayer. We don’t want to make it harder for the taxpayer to recoup our investments. I agree with you, Congressman. Transparency is important; the taxpayers deserve and we have brought an unprecedented level of transparency and disclosure.” Also participating in the hearing were Thomas C. Baxter, Executive Vice President and General Counsel of the Federal Reserve Bank of -30- ### |
Cummings Participates in AIG Counterparties Hearing
View Press Releases on Economy Or Ogr
Cummings Pleased To Help Pass Small Business Aid
Cummings Welcomes Landmark Broadband Investment
Cummings Congratulates Baltimore Business
Cummings Requests Further BP Investigation
Cummings Applauds Rapid Deployment Of HUD Programs Aimed At Foreclosure Prevention
Cummings Continues The Fight To Prevent Foreclosures
Cummings Pleased To Finally See Help Come For Unemployed Americans
Cummings Honored For Work In Support Of Minority Small Business
Cummings Applauds Passage Of Wall Street Reform Bill
Cummings Concerned With Jobs Plateau
Cummings Applauds House Passage Of Wall Street Reform Bill
Cummings Votes To Help Unemployed Americans
Cummings Urges Passage Of Wall Street Reform Bill
Cummings Pleased with Wall Street Reform Bill
Cummings Applauds Passage Of First Stage Of Small Business Aid
Cummings Begins Work On Wall Street Reform Conference
Cummings Begins Work On Wall Street Reform Conference
Cummings Demands Answers In Tylenol Hearing
Cummings Welcomes Decline In Number Of Unemployed Marylanders
Cummings Welcomes Economic Recovery, New Jobs
Cummings Helps Pass Home Improvement Rebates
60 Members Sign Cummings/DeFazio Request For Goldman Sachs Investigation
Cummings, DeFazio Invite Colleagues To Join Goldman Sachs Investigation Request
Cummings Pleased To Extend Unemployment Insurance
Cummings Asks Fed Chair To Encourage Small Business Lending
Cummings Welcomes Most Jobs Gained In Three Years
Cummings Awaits Treasury Foreclosure Prevention Efforts
Cummings Demands Effective Foreclosure Prevention
Snowstorm Disaster Relief for Private Non-Profit Organizations
Cummings Votes To Strip Health Insurance Anti-Trust Exemption
Cummings Acknowledges One Year Anniversary Of Recovery Act
Cummings, Mikulski and Cardin Welcome Recovery Act Grant For Health Training
Cummings Welcomes Positive Employment News
Cummings Welcomes Funding For Northeast Corridor Tunnel
Cummings Participates in AIG Counterparties Hearing
Cummings, Towns Call For GAO Audit Of Federal Reserve Role in AIG
Cummings Asks Justice Department To Investigate Wells Fargo, Other Lenders
Cummings Comments on McGwire Admission
Congressman Cummings Welcomes Investment In Baltimore County Workers
Cummings Requests Investigation, Hearing Regarding New AIG Counterparty Allegations
Cummings Meets With Fed Chair Bernanke
Cummings Pushes for Loans To Protect Americans In Danger of Foreclosure
Cummings Supports Obama Plan To Increase Job Creation
Cummings Lauds Aggressive Action By Feinberg, Protecting Taxpayers
Cummings Votes To Help Unemployed Workers In Heavy Unemployment Areas
Cummings to Compensation Czar: AIG is 'Insulting' Taxpayers
Cummings Statement on New Unemployment Numbers
Cummings Urges President to Revisit Foreclosure Relief
Cummings Joins Colleagues to Help Bring Integrity to the Mortgage Lending Industry
Cummings Joins Colleagues in Passing Blueprint for Economic Growth
Statement from Press Conference on Obama Mortgage Plan
Statement on Passing the American Recovery and Reinvestment Act
Cummings Statement on Senate Passage of Economic Recovery Bill
Cummings Joins Colleagues in Passing Economic Stimulus Bill
Cummings Urges Colleagues to Support Economic Stimulus Bill
Cummings Statement Against Wall Street Bailout
Cummings Urges Colleagues to Support Stimulus Package
Cummings Votes to Help Job-Seekers