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Washington, D.C. - Idaho Congressman Mike Simpson today joined colleagues in sending a letter to Secretary Paulson and Fed. Chairman Bernanke requesting them to hold AIG accountable for hosting a lavish $440,000 retreat after receiving an $85 billion loan from the federal government.
"Citizens are suffering from our current financial crisis and it is completely unacceptable that AIG or any other institute be allowed to misuse federal loans," said Simpson. "We must be certain that absolutely no taxpayer funds were used for AIG’s retreat."
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.
The letter that will be sent to Paulson and Bernanke today currently has signatures from over 65 Members of Congress. The letter stated, "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. 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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