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Washington, D.C.— Today, Congressman Elijah E. Cummings (D-Md.), a senior member of the House Committee on Oversight and Government Reform and a member of the Joint Economic Committee, released the following statement in response to media reports that AIG will cancel an event at the $400-a-night Ritz-Carlton to ‘motivate and educate’ independent agents:
“I am somewhat relieved to hear that AIG has canceled their Ritz-Carlton conference, which was nothing less than a slap in the face of the American people. Men and women are working hard for their wages—many of them needing multiple jobs just to keep their heads above water as our nation’s economy drowns under the past 8 years of Bush-McCain economic policy. We absolutely MUST ensure that taxpayer dollars are being spent efficiently and effectively—and that the hardworking family on Main Street is not footing the bill for executive spa days on Wall Street.
“Earlier this week, I joined Chairman Waxman and Representatives Braley and Speier in urging Treasury Secretary Hank Paulson to put an end to profligate spending. Yesterday, Mr. Paulson came forward in stating his support for ending such wasteful spending, and now I am urging him to go one step further. Secretary Paulson must demand that this type of behavior cease and desist immediately. The American public is now an 80% owner of AIG, and on behalf of every single American, I insist that Secretary Paulson publicly express his adamant commitment to ensuring that not a single penny of taxpayer dollars go toward funding this type of egregious expenditure.
“I cannot fathom how in the same day—the very same day—that AIG asked the government for another $37.8 billion loan, the company would even consider moving forward with plans to host another large conference at another luxury resort. Any company that is taking money from my neighbor in Baltimore whose home is about to be foreclosed, or from the woman two blocks over who is working three jobs just to support her children should take every measure necessary to ensure that there is not even an appearance of excessive corporate spending.
“There needs to be accountability in this process, and I join Senator Obama in his calls for AIG to repay the U.S. Treasury for the costs of its recent half-million dollar conference at the St. Regis resort. There needs to be an investigation, and people need to be fired. While I am glad that AIG canceled this particular event, I am still somewhat distressed that it took so long for such a decision to be made. It is my hope that AIG—and any other company relying on taxpayer dollars for aid—will exercise better judgment when it comes to company expenses.
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