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Monday, March 16, 2009

Reps. Teague, Luján Join 76 U.S. House Members Urging Treasury Secretary to Hold AIG Accountable

Today, Representatives Ben Ray Luján (D, NM-03) and Harry Teague (D, NM-02) joined seventy-six of their colleagues in the U.S. House of Representatives to send a letter to Treasury Secretary Timothy Geithner, calling for accountability for AIG and intervention to prevent executives from receiving bonuses paid for by hardworking taxpayers. Rep. Joe Courtney of Connecticut and Rep. Bruce Braley of Iowa led the effort to send the letter to Secretary Geithner.

The full text of the strongly worded letter sent by the delegation of House Members is available here (pdf). This is must-read material demanding action in no uncertain terms regarding AIG's abuse of taxpayer funds and refusal to be forthcoming about their operations. Excerpt:

This company [AIG], more than any other single entity, is responsible for the crash of world credit markets resulting in the strangling of America's working families and businesses by the millions. AIG has shamelessly lined up for a $170 billion handout only to be used to cover up its own incompetence and irresponsible business practices. The company has refused until yesterday to account for its use of TARP funds even though the government now holds an unprecedented 80 percent ownership stake in the company. AIG's claim that it is legally bound to pay bonuses at a time when the company is under investigation by the US Department of Justice, the SEC and the United Kingdom Serious Crimes Ministry, is hardly persuasive. We strongly urge that the Justice Department immediately intervene to suspend these payments until AIG's own legal standing is resolved.

Rep. Martin Heinrich (D, NM-01) issued a short statement today saying he was "outraged" about AIG's bonus plan, but he apparently did not sign the letter to Geithner. I've sent a query to his office to find out why.

March 16, 2009 at 07:57 PM in Business, Corporatism, Economy, Populism, NM Congressional Delegation, Obama Administration, Rep. Ben Ray Lujan (NM-03), Rep. Harry Teague (NM-02) | Permalink

Comments

You go Ben!!! Snafus EX! Hope Bustos De Gabriel Bustos El Mayordomo De los Auceques De Cuyamungue.Make those loosers accountable. Sin verguenzas! We still clean ditches with or labor and a little help from our shovels! Mandatorize them to clean ditches this spring! They NEED to become UP to EARTH!! They are Blind. They NEED a clue. For GODS sake give them ONE!!!!! YO SOY LUJAN. POR VIDA!! Y BUSTOS CON ORGULLO! Say Hi TO Carmen.A DIOS.

Posted by: hopey | Mar 17, 2009 3:42:04 AM

are you menber of AIG?

Posted by: hydrone | Mar 17, 2009 3:42:23 AM

I believe the bonus payout excesses at AIG are just the tip of the iceberg of what is happening with the other Wall Street bailouts including Bank of America.

Working productive Americans are bailing out the same crooks that destroyed our economy along with 45% of the wealth in the world. Now the American taxpayers and our posterity will be forced to live a far lower standard of living with reduced prosperity and opportunities due to the accumulated national debt to fund the bailouts and once again we will pay the price.

Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. I believe Washington plans to monetize the debt in future years while they tax and destroy our remaining wealth by depreciating the dollar.

To stop this wealth attack, the Campaign to Cancel the Washington National Debt By 12/21/2012 Constitutional Amendment is beginning now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts

Posted by: Ron | Mar 17, 2009 8:59:02 AM

FALLOUT GROWS: Those who voted for the stimulus supported the clause to protect the AIG's bonuses. Obama's Own Stimulus Bill Protects the AIG Bonuses He Now Condemns —


http://www.butasforme.com/2009/03/17/obamas-stimulus-bill-explicitly-grants-aig-the-legal-right-to-hand-out-bonuses/

Posted by: jax | Mar 17, 2009 4:29:38 PM