Wednesday, March 18, 2009

Just in from Washinton

AIG Executives Testify in Congress over Bonus Scandal
Minnick Delivers Statement At AIG Hearing on Capitol Hill

Washington--Idaho Congressman Walt Minnick serves on the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. That subcommittee is meeting this morning to examine government bailout funds to AIG, and executive bonuses paid with those funds. Just minutes ago Congressman Minnick made the following opening statement at the hearing:

"I opposed the TARP bill and I opposed the bailout for AIG. I'm a businessman, and when I bought businesses I took due diligence seriously. We taxpayers shouldn't buy companies or socialize businesses. Having made the mistake with AIG we should not now throw good money after bad. Instead, we should now withdraw taxpayers' support and let AIG go bankrupt, let a federal bankruptcy judge void these ill-advised bonus contracts, sort out the losses, and bring in new, qualified management to properly manage AIG free of one more nickel of taxpayer support. Thank you, Mr. Chairman."

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